DIB enjoys big jump in profits

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AL SHAIBANI: Positive results based on business fundamentals, rather than one-off business benefits.

Dubai Islamic Bank reported first half net profit of AED 1.3 billion, a year on year increase of 47%. Total assets reach AED 91.4 billion, up 21% year on year.

Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: "On behalf of Dubai Islamic Bank, I am very pleased to share the bank's financial results for the first half of this year, which reflect a consistent trend of strong growth that dates back to many previous years. This trend is characterised by underlying business fundamentals, as opposed to one-off benefits, and we have ambitious plans that will enable us to continue this growth throughout 2008 and in the years to come. Our strategy of diversifying revenues and operations has paid dividends, and we will continue to execute this strategy going forward."

In the first half of this year, DIB's investment banking arm arranged sukuk and syndication transactions in excess of AED 20 billion. The bank also formed a joint venture property company, Tashyed LLC, in partnership with Nakheel.

In a bid to boost customer service, Dubai Islamic Bank (DIB) has adopted i-flex's Flexcube software. According to DIB, the implementation will provide customers with greater flexibility, faster transaction processing and a more personalised service.

"As the world's first Islamic bank and a leader in the Islamic finance industry, we have strived to maintain our industry leadership through innovative and superior systems and offerings," said Musabah Al Qaizi, head of DIB's electronic banking service department.

"Our new technical platform is in line with this commitment and will provide a much more personalised and versatile platform for our customers."

With the new system, customers should be able to perform a range of transactions from any of the bank's branches, irrespective of where their account is based. The bank hopes to provide more customised services, achieve a quicker and more cost-effective launch of future products and lower costs for future products.

Flexcube is a complete banking product suite covering all areas of the business, including retail, corporate and investment banking. The programme has been adapted to suit the Islamic banking products offered by DIB. The bank's in-house IT department has developed programs to integrate Flexcube with other systems.

Nadeem Busheri, head of IT at DIB, said: "This system empowers us with a comprehensive Islamic banking platform and enables us to offer leading-edge Islamic products and services."

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