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Mon 16 Mar 2020 02:09 PM

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Dubai Islamic Bank approves foreign ownership limit increase

Shareholders approve dividend pay-out of 35 fils per share and an increase in the foreign ownership limit to 40%

Dubai Islamic Bank approves foreign ownership limit increase

Following the conclusion of its annual general meeting, shareholders approved the dividend pay-out of 35 fils per share and an increase in the foreign ownership limit from 25 percent to 40 percent.

Dubai Islamic Bank (DIB) has announced it has entered the top three most profitable lenders in the UAE after posting its highest ever net profit in 2019.

Following the conclusion of its annual general meeting (AGM), shareholders approved the dividend pay-out of 35 fils per share and an increase in the foreign ownership limit from 25 percent to 40 percent.

For the year 2019, DIB reported a net profit of over AED5.1 billion.

Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: “2019 has been yet another record-breaking year for the bank as we continue our profitable expansion in both local and international markets.

In the last decade, the UAE has witnessed significant regulatory advances aimed at aiding economic progress, including higher investment flows and rising visitor numbers. As we look towards the future of the nation, we remain aligned with Dubai and the UAE’s plans to create a diversified economy and a global hub for Islamic finance.”

With the recent acquisition of Noor Bank, DIB is set to become one of the largest Islamic banks in the world, with total assets exceeding AED275 billion.

Dr Adnan Chilwan, Group CEO of DIB, said: “The sustained performance over the years has resulted in the balance sheet crossing AED230 billion and the market share rising to circa 10 percent. Eyeing the tremendous interest from global investors, we have re-opened the doors for more foreign ownership with the enhancement of FOL to the maximum allowable 40 percent limit.”

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