Dubai Islamic Bank’s Annual General Assembly: A Year of Record Growth and Strategic Vision
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, recently held its Annual General Assembly (AGM), where shareholders gathered to review and approve the bank’s financial statements for the year 2024. This meeting was not just a formality; it was a celebration of a year marked by impressive financial achievements and a strategic roadmap for the future.
Record Financial Performance in 2024
The year 2024 proved to be a landmark year for DIB, with the bank reporting a total income of Dhs23.3 billion, reflecting a robust 16 percent growth compared to the previous year. This impressive income growth was complemented by a significant surge in pre-tax profits, which soared to over Dhs9.0 billion, marking a remarkable 27 percent increase year-on-year. Such figures underscore DIB’s resilience and adaptability in a dynamic economic landscape.
Net financing and Sukuk investments also saw a healthy rise, reaching Dhs295 billion, which represents a 10.1 percent increase year-on-year. This growth in financing not only highlights the bank’s commitment to supporting its customers but also reflects its strategic positioning within the Islamic finance sector.
Expanding Balance Sheet and Shareholder Returns
DIB’s total assets expanded by 9.7 percent year-on-year, closing at Dhs345 billion. This growth in assets is a testament to the bank’s solid performance and its ability to capitalize on market opportunities. The strong financial results enabled DIB to declare a generous cash dividend of 45 percent, amounting to approximately Dhs3.25 billion, which constitutes nearly 50 percent of the net profit available for distribution. This decision underscores the bank’s commitment to delivering tangible returns to its shareholders while simultaneously reinvesting in future growth.
Governance and Strategic Initiatives
During the AGM, shareholders also ratified key governance matters, including the appointment of the bank’s Internal Sharia Supervision Committee and the selection of external auditors for the 2025 financial year. These decisions are crucial for maintaining the bank’s operational integrity and ensuring compliance with Islamic finance principles. The resolutions passed during the meeting aim to strengthen DIB’s operational framework, positioning it for continued success in the years to come.
Leadership Insights on Economic Resilience
Mohammed Ibrahim Al Shaibani, the Director General of the Ruler’s Court and Chairman of Dubai Islamic Bank, shared insights on the bank’s performance and the broader economic landscape. He emphasized that the UAE’s economic resilience, driven by visionary leadership and strategic initiatives, continues to be a catalyst for sustained growth. Al Shaibani noted that Dubai is rapidly evolving into a global hub for trade, investment, and financial innovation, and DIB is well-positioned to navigate these changes.
Commitment to Innovation and Digital Transformation
Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, highlighted the bank’s exceptional performance as a reflection of its ability to turn strategic ambitions into tangible results. He pointed out that the bank’s pre-tax profits and total assets have reached new heights, reinforcing DIB’s position as a leader in Islamic finance. The bank’s commitment to operational excellence and digital transformation is evident, as it aims to enhance its market presence and product offerings.
In 2025, DIB plans to build on its momentum by scaling its digital ecosystem, empowering small and medium-sized enterprises (SMEs) through targeted financing, and strengthening cross-border partnerships. This forward-thinking approach is designed to ensure that DIB remains a key enabler of economic progress in the UAE and beyond.
Advancements in Sustainable Finance
Beyond its financial achievements, 2024 was also a year of strategic advancements for Dubai Islamic Bank. The bank successfully upgraded its technological platforms, enhancing operational efficiency and security to meet the evolving needs of customers in an increasingly digital financial landscape. DIB has also reinforced its commitment to sustainable finance, supporting the UAE’s Net Zero by 2050 agenda through landmark Sukuk issuances that channel investments into green and sustainable initiatives.
A Legacy of Leadership in Islamic Finance
Established in 1975, Dubai Islamic Bank has grown to become the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. As the world’s first full-service Islamic bank, DIB has played a pivotal role in the evolution of the global Islamic finance industry. With group assets exceeding $90 billion and a market capitalization of over $14 billion, the bank operates with a workforce of more than 10,000 employees and around 500 branches across the Middle East, Asia, and Africa.
In summary, Dubai Islamic Bank’s AGM highlighted not only its impressive financial performance in 2024 but also its strategic vision for the future. With a focus on innovation, sustainability, and operational excellence, DIB is poised to continue its leadership role in the Islamic finance sector, contributing to the broader economic landscape of the UAE and beyond.
