With shareholders accepting the firm’s 2024 financial statements and other tabled resolutions, including the Board and management’s strategic agenda for the upcoming years, Dubai Islamic firm (DIB), the largest Islamic bank in the United Arab Emirates, successfully wrapped up its Annual General Assembly (AGM).
DIB reported a total income of Dhs23.3 billion in 2024, a 16 percent year-over-year increase, making it again another record year. While net finance and sukuk investment reached Dhs295 billion, representing a rise of 10.1% year over year, group (pre-tax) profit soared to over Dhs9.0 billion, up about 27% from the previous year.
As DIB’s Total Assets increased 9.7% year over year to close at Dhs345 billion, those as mentioned earlier helped to support the balance sheet expansion. Nearly 50% of the net profit was available for distribution, and the strong 2024 performance made a 45% cash dividend, totaling around Dhs3.25 billion, possible.
Shareholders approved the dividend distribution and financial results, as well as important governance issues like the appointment of the bank’s Internal Sharia Supervision Committee and the choice of external auditors for the 2025 fiscal year. Other resolutions that strengthened the bank’s operational framework were also approved.
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