Sharia-compliant services help Dubai Islamic Bank to 34% profit rise

Dubai Islamic Bank said its first quarter profit rose 34 per cent as the biggest Islamic bank in the UAE by assets shrugged off a sharp drop in the price of oil and continued to gain market share in Sharia-compliant financial services. Net income rose to Dh850 million in the first three months of 2015 from Dh637m in the same period last year. Revenue increased 20 per cent to Dh1.56 billion from Dh1.3bn in the same time frame. Chief executive Adnan Chilwan said that he expects 15 to 20 per cent growth in loans this year. He said this year that loan growth would continue to come from corporations and individuals.