Dubai Islamic Bank
Islamic bank in Dubai
From Wikipedia, the free encyclopedia
Dubai Islamic Bank (DIB) is an Islamic bank headquartered in Dubai, United Arab Emirates. Established in 1975 by Saeed bin Ahmed Lootah, it is widely recognised as the world’s first full-service Islamic bank.[1] The bank operates in accordance with Sharia principles across all its activities and is the largest Islamic bank in the United Arab Emirates by assets.[2]
Company type | Public company |
|---|---|
| DFM: DIB | |
| ISIN | AED000201015  |
| Industry | Islamic banking and finance |
| Founded | 15 September 1975 |
| Headquarters | , |
Key people | Mohammed Ibrahim Al Shaibani (Chairman) Adnan Chilwan (Group Chief Executive Officer) |
| Products | Retail banking,Corporate banking,Investment banking |
| Revenue | USD 6.3 billion (2024) |
| Total assets | USD 94 billion (2024) |
Number of employees | Approximately 10,000 |
| Website | www |
Dubai Islamic Bank is a public joint-stock company listed on the Dubai Financial Market and is regarded as a leading institution within the global Islamic finance industry.[3]
Overview
Founded in 1975, Dubai Islamic Bank was established to provide banking services structured in accordance with Islamic principles.[4] Over time, the bank expanded its operations and product offerings, contributing to the development of the modern Islamic banking sector.
As of 2024, DIB operates an extensive branch network across the United Arab Emirates and maintains an international presence through subsidiaries and strategic investments.[5]
DIB was ranked 13th on Forbes Middle East's 30 Most Valuable Banks 2025 list.[6] It also ranked 22nd on Forbes Middle East's Top 100 Listed Companies 2025 list.[7]
Subsidiaries and associates
- Dar Al Sharia – A Sharia legal and financial advisory firm established in 2008.[8]
- Dubai Islamic Bank Pakistan – A wholly owned subsidiary established in 2006.[9]
- Panin Dubai Syariah Bank – A minority shareholding in an Indonesian Islamic bank.[10]
- Bank of Khartoum – A strategic shareholding in one of Sudan’s largest banks.[11]
- Deyaar Development – A real estate development company based in the United Arab Emirates.[12]
- Bosna Bank International – An Islamic bank established in 2000 in Sarajevo, Bosnia and Herzegovina.[13]
- DIB Bank Kenya Limited – Licensed by the Central Bank of Kenya.[14]
Services
Dubai Islamic Bank provides a range of financial services comparable to those offered by other large commercial banks, structured in accordance with Sharia principles.[15]
The bank’s activities include Retail banking,Corporate banking,and SME banking,as well as Trade finance,treasury services,and Investment banking-related products.[16]
Financial performance
In 2024, Dubai Islamic Bank reported revenues of approximately USD 6.3 billion and total assets of approximately USD 94 billion.[17]
Legal cases and controversies
Ryan Cornelius fraud case
Dubai Islamic Bank was the principal complainant in a fraud case involving British property developer Ryan Cornelius.[18]
In 2010, Cornelius was convicted in Dubai of defrauding the bank and sentenced to ten years’ imprisonment.[19]
In 2018, international media reported that his detention could be extended unless liabilities exceeding USD 400 million were settled.[20]
