IslamicFinance.de

Andy Sambidge reported on 25 February in Arabianbusiness that Dubai Islamic Banking reported only a small decline in net profit in 2008, AED 1.73 bn (USD 471 mn) in net profit for 2008. DIB’s total assets as of December 31, 2008, stood at AED 84.6 bn, up slightly compared to the end of the same period in 2007.

DIB’s full-year results reflected total impairment provisions of AED 521 million (including writedowns on its investment portfolio) and mark-to-market losses on equity investments of AED 277 million. The majority of these were recorded in the fourth quarter of the year, one of the primary reasons impacting profitability during the last quarter of 2008.

The Board of directors of Dubai Islamic Bank has proposed a cash dividend of 25 percent and bonus share of five percent for 2008.