The best Islamic bank in the UAE 2023: Dubai Islamic Bank
Dubai Islamic Bank reported a 12% year-on-year rise in net profit in the first quarter of 2023, while total income grew by 47% over the same period – the result of strong income from financing assets and robust cost management.
The steady growth in DIB’s Islamic banking business is driving these results. According to chief executive Adnan Chilwan and chairman Mohammed Ibrahim Al Shaibani, the rising role of Shariah-compliant assets on the balance sheet help keep the bank – and the UAE more broadly – well insulated from global contagion risks.
As of mid April, the bank’s fixed income portfolio, which is invested primarily on highly rated sovereign sukuk instruments, had increased 6% year to date.
Its commitment to sustainable development can be seen in an ambitious sustainability strategy that dovetails with the government’s medium and long-term goals of transitioning towards a green economy. In October 2022, DIB became the first Islamic bank in the UAE to publish a specific sustainable finance framework to help the nation expand the financing of green and social initiatives and projects.