Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, has successfully concluded its Annual General Assembly (AGM) with the approval of the bank’s 2023 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the board and management’s strategic agenda and plans to take the bank forward.

2023 saw record growth in profitability including a robust 43% rise in total income to AED 20 billion, which led to the highest ever net profit in the bank’s history of over AED 7 billion – a YoY increase of 26%. Earning assets growth whilst supporting the higher returns also helped the bank’s balance sheet expand to AED 314 billion. With shareholders’ returns always a priority, this record-breaking financial performance led to a 45% cash dividend aggregating to an amount of around AED 3.25 billion.

Other agenda items concluded at the AGM included the election and appointment of the members of the bank’s Internal Sharia Supervision Committee for a three-year term ending in February 2027, the appointment of external auditors for the financial year 2024 as well as the appointment of representatives for shareholders, amongst others.

Commenting on the bank’s performance and outlook, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler’s Court of Dubai, and Chairman of Dubai Islamic Bank, said: “The continued growth of the UAE economy in 2023, during a period of particularly unpredictable global conditions, has provided DIB with a strong and stable macroeconomic environment for growth and value creation. The bank’s exceptional performance has enabled it to continue to support the national economy, which DIB is proud to contribute to. Through its performance, the bank has demonstrated that it is capable of delivering not only robust growth and exceptional shareholder value but is also instrumental in shaping the evolution of the entire Islamic finance sector in the UAE and beyond.”

“On the conclusion of the 2023 AGM, I would like to welcome the newly elected Internal Sharia Supervision Committee to support us in furthering the development of the Islamic finance sector over the coming years. We extend a huge thanks to the outgoing Sharia Supervision Committee for their hard work, guidance, and expertise. Looking to 2024, we are confident that DIB will maintain its trajectory of strong growth through innovation and modernization complemented with an unrelenting focus on sustainable business practices.”

Dr. Adnan Chilwan, Group CEO of DIB, commented: “I am delighted that DIB has once again outperformed expectations, delivering stellar results after a year characterized by unparalleled achievements and substantial value creation, both at home, in the UAE, and across the globe. The year 2023 was a landmark period for DIB, as we witnessed our net profits surpass the AED 7 billion threshold — an unprecedented achievement in the bank’s history. This signifies our unwavering dedication to supporting crucial sectors across the UAE and the wider GCC region, in a year marked by continuous national economic growth, ensuring our customers enjoy a first-class experience.

Our shareholders’ confidence and support have been instrumental pillar to achieve such remarkable outcomes. I am grateful for their relentless support as we navigate this path of sustained growth and prosperity. As we look forward, I am keen to foster even closer collaboration with our shareholders and colleagues to preserve this momentum and aspire to greater achievements in 2024 and the years to come.”

As a leading Islamic financial institution, DIB made significant progress on its sustainability roadmap in 2023, demonstrating its commitment through strong collaboration with COP 28, the recently launched ‘One Tree for Everyone’ campaign as well as a plethora of sustainable offerings such as EVOLVE (electric and hybrid vehicle finance) and Nest (sustainable home finance) to name a few. Looking to 2024 and well into the future, ESG will remain deeply integrated into the bank’s strategy as it strives to deliver sustainable growth and a brighter future for all its customers, clients, and the communities they serve.