Dubai Islamic Bank celebrates 40 years of legacy and heritage in Islamic Banking

Dubai, UAE; February 26, 2015: Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, celebrated its momentous 40^th anniversary at a special ceremony held in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai. Held at the Dubai World Trade Centre on February 25, 2015, over 3,000 guests including DIB Board and Management, bank’s employees, and government officials gathered to commemorate the occasion.  

Founded in 1975 as the first commercial Islamic bank, DIB was established under the vision of His Highness Sheikh Rashid bin Saeed Al Maktoum and His Excellency Haj Saeed bin Ahmed Al Lootah, to provide the community with a Sharia-compliant alternative to conventional banking. Over the past four decades, the bank has continually advanced the development of the sector and promoted its growth globally through the provision of innovative products and services rooted in the principles of fairness and transparency.

Commenting on the occasion, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said: “As we look back at the past 40 years, we are filled with pride at what we have managed to accomplish and the milestones we have surpassed. DIB can rightly take credit for pioneering the concepts of Islamic finance, and by combining the inherent values with the technology and innovation, we have been able to successfully evolve this form of banking into becoming a global phenomenon.

“Today, DIB has grown to become one of the most dominant banks in the industry with a base of 1.5 million customers and a wide network of 90 branches in the UAE. We would like to thank His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, and His Excellency Haj Saeed bin Ahmed Al Lootah, for their invaluable support and guidance since DIB’s inception, without which this array of successes and accomplishments over the years would not have been possible.”

The ceremony started with the National Anthem and recitation from the Holy Quran followed by a speech from His Excellency Mohammed Ibrahim Al Shaibani and a special corporate video showcasing the bank’s growth over the past four decades. Adding a new milestone to the bank’s history, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, revealed the bank’s new corporate identity, which has been developed to symbolise DIB’s modern approach to Islamic banking while respecting its traditional vintage and heritage.

To mark the event, His Highness Sheikh Mohammed bin Rashid Al Maktoum took a group photo with His Excellency Haj Saeed bin Ahmed Al Lootah and DIB representatives, and initialed a specially designed gold coin statue to commemorate the 40^th anniversary.

Dr. Adnan Chilwan, Chief Executive Officer of DIB,  in his presentation to staff highlighted the incredible progress that the bank has made over the last 40 years, and how, with focus and deliberation, in 2014, the bank recorded the best ever performance since its inception well back in 1975.

In addition, the ceremony included a series of activities such as a live performance signifying its impressive journey during the past four decades and describing the revolutionary vision of Dubai Islamic Bank for the upcoming years. The bank’s staff also enjoyed a comedy show followed by raffle draws with prizes, and they were able to share their individual experiences through a specially-designed social media wall.

Dr. Adnan Chilwan, said: “Over the years, DIB has been an important pillar in the development of the UAE with the bank’s strategy and plans fully aligned to Dubai’s long-term ambitions. By providing innovative financial services to individuals, corporations and the government, the bank has spurred the growth of the local economy, played an active role in developing the country’s human capital, and supported the betterment of the community. With a rich heritage and a strong vintage, the bank remains the cornerstone in Dubai’s goal to become the capital of the Islamic economy as well as an established international hub for sukuk.

“2014 has not just been a historic year for us in terms of performance, it has also led to the establishment of an even stronger and well-entrenched franchise,” he added. “We have used innovation, reason and instinct to unlock this potential which has allowed us to grow well beyond the market norm. Whatever the prevailing conditions in the market, we are always seeking opportunities to unlock growth, be they new markets, new sectors, new technologies or new business models. “Widely recognized as a global leader in Islamic finance, we have grown our franchise across key markets in Asia, Europe, Africa, and the broader Middle East region. Nonetheless, our success has always been built on looking to the future and as we forge ahead, we must see the past as a benchmark we have to surpass in the coming years. With the industry estimated to double in value to USD 3.4 trillion within the next five years, DIB will continue to lead the Islamic finance business in its quest to position the sector as the norm in global banking and finance.”