Dubai, Asharq Al-Awsat- Dubai Islamic Bank (DIB) announced today its financial results for 2006. The bank reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47% compared to AED1.06 billion for the year ended December 31, 2005.

The results were announced following a meeting of the Board of Directors held on Sunday (January 21, 2007). The Board proposed a bonus share of 7% and a cash dividend of 35%.

The profit for 2006, including depositors’ profits, stood at AED 3.3 billion, an increase of 65% compared to AED 2 billion for the year ended December 31, 2005.

Total assets in 2006 reached to AED 64.5 billion reporting an increase of 50% compared to AED 43 billion in 2005.

Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at AED 38.8 billion, an increase of 28% over last year.

Customer deposits also showed an aggressive growth of 43% over last year reaching AED47.7 billion in 2006.

For the fourth quarter of 2006, the bank reported net profit of AED 540 million, a rise of 114% compared to AED 252 million for the corresponding period in 2005.

Dr. Mohammed Khalfan Bin Khirbash, Minister of State for Finance and Industry and Chairman of DIB, said: “2006 was a landmark year in Dubai Islamic Bank’s history with immense contributions from all employees. DIB signals another year of excellence as it aggressively moves forward in the local, regional, and international arenas. The bank has expanded in UAE and internationally, and has further strengthened its position as a leader in banking and financing activities,” he added.