United Arab Emirates: Dubai Islamic Bank puts the past behind it

Dubai Islamic Bank, the UAE’s largest Islamic lender, is refocusing on growth, says CEO Adnan Chilwan. This year, Chilwan expects a double-digit rise in DIB’s financing portfolio for the first time since 2008. Chilwan says that in early 2014 DIB’s ratio of non-performing assets will fall below 10%. DIB is reaping the benefits of a rebounding local real estate market, but Chilwan says he is not fuelling another bubble in the sector. He also says the bank aims to reduce the proportion of its portfolio dedicated to real estate financing to between 22% and 25%. According to Chilwan, an important part of efforts to sustainably grow the bank’s revenues has been a greater focus on retail: including personal and car finance, as well as mortgages.