Dubai Islamic Bank
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| Dubai Islamic Bank | |
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| Type | Corporation |
|---|---|
| Founded | 1975 |
| Headquarters | Dubai, United Arab Emirates |
| Key people | Mohamed Khalfan Bin Kharbash (Chairman) |
| Industry | Banking |
| Website | www.alislami.co.ae |
The Dubai Islamic Bank has the unique distinction of being the world’s first fully-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterise the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as a leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.
Islamic banking is now one of the world’s fastest-growing economic sectors, comprising close on 200 institutions responsible for assets estimated at more than $200 billion. Following the capital increase conducted in 1998, the Government of Dubai became one of the major shareholders controlling 30% of the bank. The branch network included 9 offices in 1998, in addition to the headquarters. By 2002 the number of branches rose to 16
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[edit] Shipping Funds
Dubai Islamic Bank (DIB) has announced the closure of its recently launched Al Islami Shipping Fund. The fund opened for subscription on July 3, 2006. Al Islami Shipping Fund is a Sharia'h-compliant investment fund that will invest in selected shipping assets through Musharka joint ventures. The fund has a target of Dh8.7-million ($32 million) and is intended to offer profit distribution on a quarterly basis, said a company spokesman.
"We are delighted by the response to Al Islami Shipping Fund, especially since it was launched during the summer months when the customer response to investment products is historically slow. This success has re-confirmed the interest shown by our retail banking customers for our innovative investment products," said senior vice-president, head of wealth management, DIB, Saeed Al Qattami. "As we move forward, DIB remains committed to offering its customers a wide variety of investment products. The Al Islami Shipping Fund adds an innovative element to our portfolio of investment products and provides our retail banking customers with another investment option," he added.
The "Al Islami Shipping Fund" has a locked-in four-year maturity and will provide investors with the opportunity to enter into an investment product that can provide a predictable return derived from pre-determined Charter Hire Rates for the entire period of the term. The minimum investment amount was $25,000 and the fund is targeting an estimated profit rate of 8.5 per cent per annum with a quarterly distribution.
"Tufton Oceanic is glad to have worked with DIB to bring out this product together with a focus on the international shipping industry, which is presently going through a period of prosperity. The incredible response to our innovative product is very encouraging," said CEO of Tufton Oceanic and investment manager of the Al Islamic Shipping Fund Erick Lind.[1]
There are the following other funds launched by DIB:
- Al Islami Capital Protected Note
- GCC Equity Fund
- Al Islami Saving Scheme
- Pan European Real Estate Fund
- US Real Estate Fund
- Two French Real Estate Funds
[edit] Services
- Retail Banking
- Private Banking
- Johara Banking
- Business Banking
- Corporate Banking
- Investment Banking
- Real Estate
- Sharia Board
[edit] Financial Information
| Figure | 2004 | 2003 | 2002 |
|---|---|---|---|
| Total Assets | 30,613,361 | 22,778,319 | 19,587,790 |
| Shareholder's Equity | 2,687,419 | 1,548,180 | 1,473,986 |
| NIAT | 461,003 | 234,456 | 159,798 |
| Dividends | NA | 150,000 | 100,000 |
| Assets Growth | 34.40% | 16.23% | 27.81% |
| Earning Growth | 96.64% | 46.72% | 4.77% |
[edit] References
- ^ "Dubai Islamic Bank closes shipping fund", Trade Arabia, 2006-08-29.
