Dubai Islamic Bank targets growth amid global crunch

Dubai Islamic Bank (DIB), the world's third largest Islamic bank, on Monday said it aims to open 10 new branches in the UAE and grow its customer base by 15 percent by the end of 2009.

Bank chiefs said it would continue to expand despite challenging financial conditions globally, reaching 900,000 customers by year-end, while the bank's retail assets business is predicted to grow by 20 percent.

"While we recognise the challenges that lie ahead, we are confident that the bank's 2009 growth strategy will deliver significant, sustained returns," said Khaled Al Kamda, Group managing director, Dubai Islamic Bank.

"With a renewed focus on our already robust retail operations, DIB will continue to expand its customer base while diversifying its income sources. Importantly, this strategy will allow the bank to continue to strengthen its overall risk profile, which is especially critical given current market conditions."

He added: "Enhancing the bank's existing corporate governance structures and risk architecture is also a primary focus area for 2009."

He said that the bank maintained a strong financing-to-deposit ratio of 79 percent as of December 31, 2008, indicating a healthy liquidity position.

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