The UAE’s largest Islamic bank on Wednesday said it has provided relief measures totalling AED9 billion ($2.45 billion) to more than 54,000 customers to mitigate the impact of the coronavirus pandemic.
Dubai Islamic Bank (DIB) made the announcement as it reported a strong performance despite regional economic challenges brought on by the ongoing Covid-19 pandemic.
Its annual general meeting also included the approval of a dividend of 20 percent aggregating to an amount of AED1.44 billion, as well as a move to allow the board to issue sukuks or similar instruments in amounts not exceeding $7.5 billion.
Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, said: “DIB has proven its resilience and agility in its response to what has been one the most challenging and unpredictable years for the UAE’s business community and the world as a whole.
As a response, the bank has taken steps to mitigate the economic impact of the Covid-19 pandemic and support the wider economy’s road to recovery. DIB has provided relief measures totaling AED9 billion to more than 54,000 customers.”
Dr Adnan Chilwan (pictured above), Group CEO of DIB, added: “Despite a particularly challenging year – one that was perhaps unlike any before it – we managed to remain steadfast and provide a counterbalance against the impact of the pandemic.
“The fact that our overall income remained stable at just over AED13 billion whilst the operating revenue grew to nearly AED9.5 billion is a huge achievement given the year’s subdued global and domestic economic activities.
“Going forward, we will be operating with a renewed sense of purpose and mission to help make financial solutions simple, convenient and accessible for all.”
Last year, DIB completed its integration with Noor Bank, creating one of the largest Islamic banks in the world, with total assets exceeding $80 billion.
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