Dubai Islamic Bank (DIB) is a pioneering financial institution that integrates Islamic principles into all its operations. Established in 1975 by Saeed Bin Ahmed Lootah, DIB was the world's first full-service Islamic bank. It has since become the largest Islamic bank in the United Arab Emirates (UAE) by assets, with a presence in seven markets worldwide and a customer base of approximately 1.7 million. DIB's mission is to be the most progressive Islamic financial institution globally, offering innovative Sharia-compliant products and services.
Strategically, DIB focuses on expanding its global footprint, particularly in markets across the Middle East, Asia, and Africa. The bank offers a comprehensive range of Sharia-compliant financial products and services, including consumer and corporate banking, treasury, real estate development, and investment banking. DIB leverages advanced digital banking solutions to enhance customer experience, reflecting its commitment to technological innovation.
As of 2024, DIB reported total assets of approximately $94 billion and a revenue of $6.3 billion. The bank's robust financial performance underscores its leading position in the Islamic banking sector. DIB is a publicly listed company on the Dubai Financial Market, with the Investment Corporation of Dubai holding a 27.97% stake.
DIB's subsidiaries and associates include:
- Dar Al Sharia: A Sharia legal and financial consultancy firm established in 2008.
- Dubai Islamic Bank Pakistan: Established in 2006 as a fully owned subsidiary.
- Panin Dubai Syariah Bank: DIB holds a 38.3% ownership in this Sharia-compliant bank in Indonesia.
- Bank of Khartoum: DIB holds a stake in one of the largest banks in Sudan.
- Deyaar Development: A real estate development company established in 2002.
- Bosna Bank International: Established in 2000 in Sarajevo as the first Sharia-compliant bank in Europe.
- DIB Bank Kenya Limited: Licensed in 2017 to offer Sharia-compliant banking services in Kenya.
DIB has been at the forefront of technological innovation in Islamic banking. In 2024, the bank launched "The Digital Lab," a center of excellence dedicated to developing digital products and experiences for customers. This initiative underscores DIB's commitment to becoming a digitally Islamic bank.
The leadership team at DIB includes:
- Mohammed Ibrahim Al Shaibani: Chairman of the Board of Directors.
- Dr. Adnan Chilwan: Group Chief Executive Officer.
- Obaid Al-Shamsi: Chief Operating Officer.
- Naveed Ali: Chief of Corporate Banking.
- Sanjay Malhotra: Chief of Consumer Banking.
- Hamid I. Butt: Chief of Investment Banking.
- John Macedo: Chief Financial Officer.
- Omar Rahman: Chief of Legal.
- Musabbah Al-Qaizi: Chief Digital Officer.
- Nagaraj Ramakrishnan: Chief Credit Officer.
- Chandra M. Ganapathy: Group Chief Risk Officer.
- Abdulwahid Rathore: Chief Compliance Officer.
- Volkan Pekince: Chief of Internal Audit.
- Kashif Moosa: Head of Investor Relations & Strategic Communications.
- Saeed A. A. Wajdi: Chief of Treasury.
In recent years, DIB has made significant strategic moves, including the acquisition of Noor Bank in 2020, which cemented its position as one of the largest Islamic banks globally. In 2024, DIB increased its stake in Turkey's TOM Group from 20% to 25%, reflecting its commitment to expanding in rapidly growing digital banking markets.
The Islamic banking sector is experiencing robust growth, with increasing demand for Sharia-compliant financial products. DIB's main competitors include Abu Dhabi Islamic Bank, Al Rajhi Bank, and Kuwait Finance House, all of which are significant players in the Islamic finance industry. DIB differentiates itself through its pioneering history, comprehensive product offerings, and commitment to digital innovation.
DIB has established strategic collaborations to enhance its market position. In 2024, the bank partnered with Emirates Skywards to launch co-branded credit cards, offering exceptional value to frequent flyers. Additionally, DIB signed a memorandum of understanding with Crypto.com to expand its market presence in the UAE and GCC.
DIB's strategic roadmap focuses on expanding its international presence, particularly in markets across the Middle East, Asia, and Africa. The bank aims to leverage technological advancements to enhance customer experience and operational efficiency. DIB's strong financial position and commitment to innovation position it well to capitalize on the growing demand for Islamic banking services.
