Dubai Islamic Bank became the first Gulf financial institution to print a sukuk this year as it priced a US$1bn 3.664% five-year issuance. The only other bank from the region to have issued this year is Gulf International Bank, which sold a conventional US$500m five-year last month. Proceeds will go towards refinancing a US$500m sukuk coming due in May, as well as a US$300m maturity for the subsidiary Tamweel. Middle East accounts took 61%, Europe 20%, and Asia 19%. By investor type, banks got 52%, asset managers 39%, agencies 3%, private banks 2% and insurers 2%. Lead arrangers include Bank ABC, DIB, Emirates NBD, HSBC, KFH, Maybank, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered.
Dubai Islamic Bank will meet fixed income investors in London on Feb. 6 ahead of a potential sukuk issuance. A five-year benchmark issue, which usually means upwards of $500 million, might follow. The lender has appointed Bank ABC, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Capital, Maybank Investment Bank Berhard, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered Bank as joint lead managers and bookrunners.
Dubai Islamic Bank (DIB) sold its stake in Jordan Dubai Islamic Bank. DIB held 20.8% in Jordan Dubai Islamic Bank through a 40% shareholding in MESC Investments. MESC Investments had completed the sale of its stake in Jordan Dubai Islamic Bank to Jordan-based Bank Al Etihad and Etihad Islamic Investment Company. The value of the sale was not disclosed.
Dubai Islamic Bank (DIB) closed an approximately AED 3.2 bn ($860 mn) rights issue, thereby increasing the bank’s share capital to AED 4.9 bn from AED 3.9 bn as of March 2016. According to Moody's this capital increase is credit positive for DIB because it replenishes reserves and enhances loss-absorption. Moody’s estimates that DIB’s consolidated tangible common equity to risk-weighed-assets ratio will improve to around 12.3% from 9.8% as of March 2016. The new capital will also increase the bank’s reported Tier 1 capital ratio to 18.1% from 15.6%. The additional capital will support the bank’s solvency in the context of continued balance sheet expansion.
Dubai Islamic Bank’s Group Chief Executive Officer Dr. Adnan Chilwan, on his first visit to Pakistan, outlined the detailed growth strategy for the franchise in the country. This newly defined strategy repositions the Bank’s medium term plans alongside the transformational growth the Group has achieved as part of their 2014-2016 strategic agenda. The event also marked and celebrated the successful 10 years of the Bank’s operations in the country.
Dubai Islamic Bank (DIB) said it had received a letter of intent from a consortium led by Jordan's Bank Al Etihad interested in buying MESC Investment. The proposal sets out the terms and conditions required for the purchase of MESC Investment, a Jordan-based company in which DIB holds a 40 percent shareholding through its wholly owned subsidiaries, Petra and Levant One. MESC owns 52 percent of Jordan Dubai Islamic Bank, a Jordan-based unit of DIB.
Recently, Dubai Islamic Bank (DIB) announced a flat third-quarter net profit. Even though there was a big jump in provisioning, the bank exceeded all forecasts of the analysts. During the three months until September 30, DIB made 298.5 million dirhams ($81.3m). Compared to that, the same period last year brought a profit of 298m dirhams. The 43% jump in provisions did not affect the steady quarterly profits. The bank's chairman, Mohammed Al Shaibani, pointed out that DIB's performance was notable for delivering strong results while meantime sticking to its conservative approach to provisioning.
The case of missing deposits worth over Dh1 million in total has been solved. On Wednesday, a banker was charged with embezzlement in a Dubai court. The 39-year-old Jordanian banker with Dubai Islamic Bank is said to have embezzled funds by squirrelling away payments from customers who had completed their bank loans via a loan recovery agency. The criminal acts took place during the period between 2009 and 2011 when the banker was working at Dubai Islamic Bank.
On Tuesday Dubai Islamic Bank (DIB) announcedthe launch of its new investment product, Al Islami Aurum+ 1 Dirham Certificate. It is an innovative investment product providing strategic exposure to the commodity markets while, at the same time, assuring a high level of capital protection. The Certificate is developed by the Royal Bank of Scotland (RBS). Its aim is to generate returns in any market environment by the means of taking exposure and switching between oil and gold.
The net profit of Dubai Islamic Bank (DIB) for the first half of the year have been announced. They are as high as Dhs555m, which result is a demonstration of a continuous growth. Compared with it, the same period of 2011 brought a profit of Dhs552m. A 27% increase from the first quarter of 2012 to the second has been registered.
Dubai Islamic Bank (DIB) has repaid in full a $750 million (Dh2.75 billion) five-year sukuk which matured on March 22 from its own sources, prooving the bank’s financial strength and comfortable liquidity position.
The sukuk was launched in 2007, through a special purpose vehicle, DIB Sukuk Company Limited, located in the Cayman Islands, being the first sukuk to be listed on both the Dubai International Financial Exchange (DIFX) and the London Stock Exchange.
Three banks from UAE are among 10 largest Arab Islamic banks.
Saudi Arabia’s Al-Rajhi group remained at the same position as the world’s largest Islamic bank at the end of 2010 while four in the UAE were among the 10 top Shariah-compliant banks.
The Kuwait Finance House (KFH) was second by assets, which stood at $43.7 billion at the end of 2010 compared with $39 billion at the end of 2009.
Dubai Islamic Bank (DIB) was ranked third, with assets of about $24.5 billion, followed by Abu Dhabi Islamic Bank (ADIB), with around $20.5 billion.
The Dubai Court of Appeal maintained a lower court’s verdict sentencing four businessmen and two former bank executives to ten-year imprisonment and payment of Dh1.8 billion in fine jointly for swindling Dubai Islamic Bank.
The appellate court panel, presided by Judge Moustapha Shinawi, supported all aspects of the primary conviction of the defendants in the Dh1.8 billion fraud case (more than $500 million).
The verdict could be appealed at the Court of Cassation in term of 30 days.
According to the prosecution records, three other defendants succeeded to defraud the DIB of more than $500 million.
It seems that Islamic banking has increased UAE bourses of nearly 29.3 % in their net income in the first half of 2011 while their total assets and deposits also recorded growth.
The five listed Shariah-compliant banks that were included in the report are: The Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Emirates Islamic Bank (EIB), Sharjah Islamic Bank (SIB) and Ajman Bank. The report was published in the semi official daily 'Al Ittihad' and prooves the fact that the banks had strong results in the second quarter of 2011.
Dubai Islamic Bank (DIB) stated that it will launch a new Sharia opportunity fund in the region with exposure to equity markets across the Asia-Pacific region.
Prudential Asset Management Limited is the one offering the fund. It will search to invest in Sharia-compliant companies in the APAC region excluding Japan. It will also try to capitalise on the sustained economic growth and increasing wealth across the APAC region.
Dubai Islamic Bank (DIB) has opened up a three-year Islamic certificate structured to return 90 % of invested capital to customers five business days after the issue date of the certificate.
The main idea is that through this product investors will be able to invest in commodity markets while benefiting from diversification across investment strategies.
The US dollar-denominated certificate, which is distributed by DIB and issued by Al Mi’yar Capital SA, is available from DIB with a minimum investment of $25,000, according to the statement.
Dubai's ICD sovereign wealth fund has launched its largest loan since its financial crisis, containing a US$2.8 billion, five-year loan refinancing.
The leaders of an Islamic tranche will be: Dubai Islamic Bank and Standard Chartered, while Citigroup, Emirates Bank and HSBC Bank have been appointed to co-ordinate a conventional tranche.
A British businessman on Wednesday claimed in court that he repaid Dubai Islamic Bank (DIB) double the Dh1.8 billion he is charged, along with six others, with embezzling.
DIB's former financing department manager 39-year-old Pakistani, U.H., and his 50-year-old compatriot deputy, R.U., denied helping four of the suspects.