13/04/2010 00:00 AST

Dubai Islamic Bank plans to increase its market share by 15 per cent this year by cautiously increasing lending and opening 10 new branches this year, a senior official said.

"For 2010, we aspire to increase our footprint by about 15 per cent," Dr Adnan Chilwan, Executive Vice-President and Chief of Retail Banking, Dubai Islamic Bank, told Emirates Business.

"That does not necessarily mean increase in lending only. We have made good progress in execution of our retail banking strategy which has been the key focus area for the bank in 2009 and beyond, as it increases its customer market share and asset base across the country," he said.

He said the bank aims to reach a total of 74 nationwide branches by the end of this year from the current 64, which serves 900,000 customers. Chilwan said DIB will continue to finance customers at Eibor [Emirates Interbank Offered Rate], despite the move of some banks to resort to a Base Rate or COF approach that reflects in its pricing of various costs that the bank incurs.

"At DIB, we continue to finance customers at Eibor, which is in line with market practice and is followed by most banks. Eibor continues to serve as benchmark and can be used as a medium to compare pricing amongst banks," he said.

The DIB annual report does not say how much the retail division has lent last year but Chilwan said historically the retail banking group has contributed about 51 per cent of the banks revenues, 64 per cent of the bank's deposits and about 26 per cent of the bank's lending portfolio.

The bank reported Dh1.2 billion net profit for 2009 and has approved the distribution of a 20 per cent dividend for the year 2009, including a 15 per cent cash dividend and five per cent bonus shares.

He said the bank will "continue to strengthen its retail position" in assets as well as liabilities.

"Given the population trends and high spend levels in the UAE, DIB will continue to focus on the retail banking sphere, which is a key driver for growth and significant contributor to its earnings," he said. "This matches the overall trend in the UAE banking sector, where more and more banks are realising that retail is the way forward."

Business 24|7

DIB’s 9-month net profit surges 12.1% to Dh3.7 billion


Dubai Islamic Bank on Monday reported a net profit of Dh3.7 billion for the first nine months of 2018, up 12.1 per cent from Dh3.3 billion reported in the same period last year.

For the thi

Gulf News

DIB launches new Skywards co-brand credit cards


Dubai Islamic Bank (DIB) has partnered with Emirates Skywards to launch new credit eards tailored specifically to offer exceptional value to the country’s growing community of frequent flyers.

Gulf News

Dubai Islamic Bank second quarter profit rises 14.6%


Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 14.6 per cent increase in second-quarter net profit on Wednesday as income from Islamic financing and inv

Times of Oman

Ticker Price Volume
SIPCHEM 20.10 899,828
APPC 48.05 453,535
SABIC 120.60 5,510,302
SACCO 47.50 122,955
ALMARAI 46.40 235,704
SAICO 11.30 335,188
STC 83.00 280,012
DIB Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
FAB 14.70 0.40 (2.79%)
RJHI 84.70 -0.70 (-0.82%)
NCB 43.20 -1.05 (-2.38%)
SAMBA 29.30 -0.65 (-2.18%)
NBK 835.00 -1.00 (-0.12%)
Air Arabia 9-month net profit tumbles 17pc


Sharjah-based Air Arabia posted a 17 per cent drop in net profits for the first nine months of 2018, despite an increase in turnover to Dh3 billion ($816.6 million).

The airline's net prof

Trade Arabia

Union Properties swings to nine-month net profit


Union Properties, a leading real estate company based in Dubai, UAE, said it has recorded a net profit of Dh145.6 million ($40 million) for the first nine months of 2018, compared to a net loss of Dh

Trade Arabia

Abu Dhabi signs key ultra-sour gas concession with Eni


The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have signed the first of a series of concession agreements with Italy’s multinational oil and gas company Eni, awarding it a 25

Trade Arabia

Saudi Aramco IPO will ‘definitely’ happen, CEO says


The Initial Public Offering (IPO) of Saudi Aramco will “definitely” happen, the company’s chief executive confirmed on Sunday, but he said it is not expected until 2021 after the potential acquisitio

Gulf News

KFH-Bahrain private banking offers new products


Kuwait Finance House-Bahrain (KFH-Bahrain), one of the leading Islamic banks in the country, has launched new products under its private banking offer. Abdul Razak Jawahery, executive manager of th

Trade Arabia