IslamicFinance.de

The Dubai Islamic Bank (DIB) reported a net profit of Dh2.11 billion for the first half of 2020. Due a difficult quarter, DIB continues to demonstrate healthy profitability whilst ensuring prudence in growing the balance sheet.

Dubai Islamic Bank (DIB) has plans to solidify its foundations in the East African Islamic banking sector. Chairman Mohammed Ibrahim Al Shaibani confirmed confirmed the information last weeek. DIB was granted permission to enter the market by the Central Bank of Kenya in May 2017. The regulator used the new entry to highlight Kenya’s growing status as a regional finance hub. Until the DIB entry, Kenya had only two full-fledged Islamic institutions: Gulf African Bank and First Community Bank. The country also has one takaful Islamic insurance firm, a Shari’ah-compliant mutual fund and two cooperatives. Kenya's treasury ministry recently unveiled new plans to make mainstream Islamic finance a major part of the country's growth strategy. Finance minister Henry Rotich said in March that the government would propose alterations to financial law and issue new regulations to facilitate Shari’ah finance.

Dubai Islamic Bank (DIB) has signalled intention to enter the budding East African Islamic market. DIB chairman, Mohammed Ibrahim Al Shaibani, said that the lender would expand and consolidate its reach in East Africa after solidifying its Kenya base. The Central Bank of Kenya (CBK) in May opened the door for Dubai Islamic Bank to enter the local market after more than a year of waiting. DIB intends to exclusively offer Shariah-compliant banking services in the country. Kenya has recently unveiled a package of initiatives aimed at developing a policy framework for Islamic finance in the country. Authorities intend to make Kenya a hub for Islamic finance in Africa with ongoing reforms expected to drive the growth of Islamic-finance operations.

Dubai Islamic Bank has become the majority shareholder in Tamweel, taking management control; bank's liquidity 'to positively impact' Tamweel's business. The transaction marks an important milestone for the bank and the UAE property market”, said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
“Dubai Islamic Bank has always been committed to the growth and prosperity of Dubai and the UAE, and we hope that this landmark deal will have a positive impact not only for the real estate sector but the UAE’s overall economic environment,” he added.