Dubai Islamic Bank, the biggest Islamic bank in the UAE and the second-largest in the world, has concluded its Annual General Assembly, where shareholders approved the bank’s 2022 financial statements and other proposed resolutions.
This reflects their confidence in the Board and management’s strategic agenda for the coming years. The bank reported strong financial results, with a 26% increase in net profit in 2022, resulting in a balance sheet of AED 288B and a five-year CAGR of 7%. The bank’s profitability led to a 30% cash dividend amounting to around AED 2.2B.
Dubai Islamic Bank’s AGM also announced the bank’s Board of Directors for the next three-year term, reappointments of the Internal Sharia Supervision Committee and External Auditors for the year 2023. Dubai Islamic Bank’s Chairman, Mohammed Ibrahim AI Shaibani, expressed pride in the bank’s contribution to the UAE economy as a leading Islamic financial institution committed to transforming and evolving the industry globally, according to WAM.
“I would like to welcome the new elected Board members, and we look forward to working closely with them towards further successes and achievements in the years ahead. We extend a huge thanks to the outgoing board members for their hard work that played a big role in the progression of the organisation. Going forward, we are confident to continue to deliver a ground-breaking customer experience, revenue growth and sustainable returns for our valued shareholders,” he added.
Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, commented, “DIB has posted spectacular results delivering AED 5.6 billion in net profits, the highest ever in the Bank’s history. I want to thank the shareholders for their confidence and support which was critical for the bank to deliver such an outstanding performance within a very uncertain global environment, I look forward to working closely with colleagues and partners to further drive sustained growth and value creation over the coming years.”
