Dubai, November 8, 2008: Dubai Islamic Bank (DIB) has announced the launch of Al Islami Business Accounts, a new product in DIB’s business banking portfolio, offering banking convenience and competitive advantages to Business customers.

Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank, speaking of the launch of Al Islami Business Accounts, said: “At Dubai Islamic Bank, the global leader in Islamic banking, it’s our constant endeavour to offer Sharia-compliant products, tailor-made to each customer’s needs. Al Islami Business Accounts is the latest addition to this modern and innovative product range. The launch of this new product is a part of DIB’s Business Banking Solutions strategy, which is a key element in the overall growth plans for the bank. The strategy focuses on enhancing the existing business banking model by offering comprehensive banking solutions to all business banking segments. As part of this strategy, we also launched Al Islami Small Business Finance in September 2008.”

He added: “It’s our firm belief that, with the right support, any business can make the leap from good to great. Al Islami Business Accounts are designed to help businesses grow and are loaded with unique business-friendly features. It is our aim to provide our customers with the banking services they require to stay ahead in today’s changing business scenario.”

Al Islami Business Accounts come in three different packages: Al Islami Business Account, Al Islami Business Account Plus and Al Islami Business Account Premium – each designed to suit the requirements of all types of business customers, giving them the power to grow further. The new product will be available to customers at all Dubai Islamic Bank branches.

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Note to editors:
Dubai Islamic Bank is a Sharia-compliant financial institution. As such, please refrain from using any of the following terms in reference to the bank and its activities:
• Loan
• Lender / Lending / Lend
• Borrower / Borrowing / Borrow
• Credit facility
• Advance
• Interest

About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

The bank reported AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.

DIB set a world record by raising a US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.

The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.

DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE’s Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious “Bank of the Year – UAE” award from The Banker magazine and additional accolades from Euromoney.

For further information, please contact:
Nicholas Nesson / Mohammed Daggamseh
ASDA’A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / m.daggamseh@asdaa.com

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Tags: Al Islami Business Accounts , DIB , Dubai Islamic Bank