DIB’s 10% cash dividend approved

Dubai Islamic Bank (DIB) Annual General Meeting approved 10 per cent cash dividend late on Thursday.

In addition, the assembly reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed the external auditors Deloitte.

During the AGM, the bank’s 2010 financial results were also approved. The bank DIB reported a net profit of Dh806 million.

The assembly also approved the appointment of the new Board of Directors Mohammed Ibrahim Al Shaibani, Dr. Tariq Humaid Al Tayer, Khalid Ahmed Khalifa Al Suwaidi, Abdulla Ali Al Hamli, Ahmed Mohammad Bin Humaidan, Saleh Saeed Lootah, Hamad Bin Abdulla Al Shamsi, Abdullah Al-Sayed Mohammed Al Hashimi and Abdul Aziz Ahmed Al Muhairi. The new Board of Directors subsequently appointed Mohammed Ibrahim Al Shaibani as Chairman, and Dr. Tariq Humaid Al Tayer as Vice Chairman.

Al Shaibani, also Director-General of His Highness The Ruler’s Court of Dubai, said: "In prudently managing its operations over the past 12 months, Dubai Islamic Bank has delivered positive financial results, and we are pleased to be able to share this success with our shareholders. Dubai Islamic Bank is excellently placed as the global economy continues to improve, and we look forward to the ongoing support of our shareholders as we implement our strategy for growth."

In 2010, DIB continued to expand its presence in the UAE by opening six new branches and deploying 44 new ATMs. As a result the bank increased its customer base by over 100,000 customers last year.

Follow Emirates 24|7 on Google News.