DIB announces 40% cash dividend for shareholders

The meeting also announced the appointment of Mohammed Ibrahim Al Shaibani as Chairman of the bank in place of Mohammed Khalfan bin Kharbash, who is stepping down following the conclusion of the three-year tenure of the current board of directors.

Al Shaibani serves as Director-General of the Ruler’s Court (Al Diwan Al Amiri) and as CEO of the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai and the single largest shareholder in DIB. Formed in May 2006, ICD is chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Tamweel Chairman Sheikh Khaled bin Zayed bin Saqer Al Nehayan has been named Vice-Chairman of the board of directors of the bank. The composition of the new board of directors, with decades of collective experience in Shariah-compliant financial services and a vigorous approach to growth, was approved at yesterday’s AGM.

The board will include the following additional members: Saleh Saeed Ahmad Lootah, Khaled Al Kamda, Nasser Hassan Al Shaikh, Dr Tarek Humaid Al Tayer, Abdulrahman Al Hareb, Saed Mubarak Al Muhairi and Ahmad bin Humaidan.

The bank’s financial results for the year ending December 31, 2007, were approved at the AGM. In 2007, DIB reported Dh2.5 billion in net profit, an increase of 60 per cent compared to Dh1.56bn in 2006. In addition, the assembly reviewed the Director’s Report and Annual Report of the Fatwa and Shariah Supervisory Board.

“Al Shaibani, a member of the board of directors of Emaar Properties and Shuaa Capital, brings a wealth of corporate experience to DIB, including specific background in Islamic financial services,” said a statement.

“DIB is not just the world’s first Islamic bank,” said Al Shaibani. “DIB is a fast-growing, forward-looking financial services firm, offering a broad suite of Shariah-compliant products and services, focused on meeting the needs of clients in the region and across the world.

“Under the tenure of Kharbash, DIB has cemented its reputation as the region’s leading Shariah-compliant financial services organisation,” Al Shaibani said.