Dubai Islamic Bank named ‘Best Bank’ at Islamic Business & Finance Awards for third time

1.Bank recognised for exceptional achievement by industry peers and public at large
2.24th award received by DIB in 2009

Further consolidating its status as the UAE’s leading Sharia-compliant financial institution, Dubai Islamic Bank (DIB) announced today that it has been named “Best Bank” at this year’s Islamic Business & Finance Awards. This is the third time that the world’s first Islamic bank has received this prestigious accolade.

The award was presented at a gala ceremony to Dr. Adnan Chilwan, Chief of Retail and Business Banking and Mohammed Al Nahdi, Chief of Central Operations Department, in recognition of the bank’s innovative products, unparalleled customer service and undisputed market leadership, marking the 24th time this year that DIB has been recognised for excellence in achievement.

“We are extremely pleased to receive this coveted award for the third time,” said Dr. Adnan Chilwan. “Despite the globally challenging conditions over the past 12 months, Dubai Islamic Bank has maintained its steadfast commitment to product innovation and service excellence, ensuring the sustainability of our growth and stability of our operations.

“As today’s announcement demonstrates, our continued success is widely recognised by both our industry peers and the public at large, and we are very grateful for their ongoing support,” he said. “It is truly an honour to have been named, once again, the country’s ‘Best Bank.’”

During the annual awards ceremony held on December 14, 2009, at the Emirates Towers Hotel in Dubai, Islamic Business & Finance Magazine granted over 27 awards honouring the exceptional performance of a wide range of Islamic financial institutions, highlighting the strong performance of the industry during this period of global financial instability.

The winners of the Islamic Business & Finance Awards were chosen by the general public through a voting system based on a shortlist compiled by an international judging panel, consisting of industry observers and analysts.

At last year’s Islamic Business & Finance Awards, Dubai Islamic Bank took home four awards, including “Best Islamic Finance Wealth Management Firm,” “Best Globalisation Effort,” “Best Sukuk Structuring” and the “Lifetime Achievement Award,” which was presented to Dr. Hussain Hamid Hassan, Chairman of DIB’s Sharia Board.

About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services.

The bank currently operates 61 branches in the UAE. As part of its expansion plans announced in early 2009 and in line with its aim to ensure customer satisfaction through accessibility, DIB will increase its nationwide network to 64 branches by the end of this year. In addition to regular, full-service branches, DIB is also planning to launch Express Banking Centres, which will provide fast, efficient services to DIB customers at various convenient locations like shopping malls, hypermarkets and megastores.

By the end of 2009, DIB forecasts that the bank’s total customer base will increase by approximately 15 per cent, reaching some 900,000 customers, while its retail assets business will grow by approximately 20 per cent.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 35 branches across 15 major cities in Pakistan. DIB also has a representative office in Turkey to enhance its access to that market. DIB has also received a preliminary banking licence by the Central Bank of Jordan to operate as an Islamic financial institution through a new entity – Jordan Dubai Islamic Bank.

DIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 and 24 accolades so far in 2009, across diversified areas, including retail, corporate and investment banking. The bank was recently named “Best Islamic Bank” for the fourth consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious “Bank of the Year” award from The Banker (Financial Times), along with prestigious accolades from UK-based Euromoney and NY-based Global Finance magazines.