- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:31 05:49 12:21 15:48 18:47 20:05
Dubai Islamic Bank PJSC (DIB) has announced that having received the necessary regulatory and Government approvals, the bank has repaid the Dh3,752,543,000 deposit, in full and well ahead of contractual maturity, which it received from the Ministry of Finance in 2008 citing robust financial position and strong liquidity as the key drivers for the decision.
Abdulla Al Hamli, CEO, DIB said: “We are extremely thankful to the Government of UAE, the Ministry of Finance and the Central Bank for the decisive and timely measures taken during the crisis to support the banking sector in shoring up liquidity and ensuring seamless performance of the financial system of the country.”
In March 2013, Dubai Islamic Bank announced the successful pricing of a US$1 billion Tier 1 Capital-eligible issuance, with a perpetual (non-call 6) maturity which will provide a significant boost to the current Tier 1 Capital ratio.
“2012 has been a solid year for Dubai Islamic Bank,” said Dr. Adnan Chilwan, Deputy Chief Executive Officer, DIB.
“The bank is now well established on a growth strategy aligning itself to the improved market conditions in Dubai and the UAE. In March 2012, the bank repaid its maturing USD 750 mln Sukuk from its own resources and the robust liquidity position has enabled DIB to settle the MOF deposit as well.”
Dr Chilwan further added: “DIB’s recent US$1 billion Tier 1 Capital-eligible issuance was extremely well received by investors across the globe, evidenced by the fact that it was oversubscribed 14 times.
“This landmark achievement has pushed the bank’s Tier 1 Capital ratio from 13.9% to 18.7%, based on year end 2012 balance sheet size, putting us on a strong footing for growth as the market continues to improve.”
For the 12 months ended December 31, 2012, DIB group reported a net profit of Dh1.19 billion, compared to Dh1.05 billion in 2011, an increase of 13 per cent while the bank continues to boast one of the best liquidity ratios (88.7% as December 2012) in the market.
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