DIB celebrates 40 years of legacy in Islamic banking

Over 3,000 guests including DIB board and management, bank’s employees, and government officials gathered to commemorate the occasion.

Shaikh Mohammed bin Rashid; Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Shaikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development; Haj Saeed bin Ahmed Al Lootah and other dignitaries at the ceremony. — Wam

Dubai — Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, celebrated its momentous 40th anniversary at a special ceremony held in the presence of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, at the Dubai World Trade Centre on Wednesday.

Over 3,000 guests including DIB board and management, bank’s employees, and government officials gathered to commemorate the occasion.

Founded in 1975 as the first commercial Islamic bank, DIB was established under the vision of late Ruler of Dubai Shaikh Rashid bin Saeed Al Maktoum and Haj Saeed bin Ahmed Al Lootah, to provide the community with a Shariah-compliant alternative to conventional banking.

Commenting on the occasion, Mohammed Ibrahim Al Shaibani, Director-General of the Dubai Ruler’s Court and Chairman of Dubai Islamic Bank, said: “As we look back at the past 40 years, we are filled with pride at what we have managed to accomplish and the milestones we have surpassed.

DIB can rightly take credit for pioneering the concepts of Islamic finance, and by combining the inherent values with the technology and innovation, we have been able to successfully evolve this form of banking into becoming a global phenomenon.

“Today, DIB has grown to become one of the most dominant banks in the industry with a base of 1.5 million customers and a wide network of 90 branches in the UAE. We would like to thank His Highness Shaikh Khalifa bin Zayed Al Nahyan, President of the UAE, His Highness Shaikh Mohammed bin Rashid Al Maktoum and Haj Saeed bin Ahmed Al Lootah for their invaluable support and guidance since DIB’s inception, without which this array of successes and accomplishments over the years would not have been possible.”

Adding a new milestone to the bank’s history, Shaikh Mohammed revealed the bank’s new corporate identity, which has been developed to symbolise DIB’s modern approach to Islamic banking while respecting its traditional vintage and heritage. To mark the event Shaikh Mohammed took a group photo with Haj Saeed bin Ahmed Al Lootah and DIB representatives, and initialed a specially designed gold coin statue to commemorate the 40th anniversary.

Dr Adnan Chilwan, Chief Executive Officer of DIB, in his presentation to staff highlighted the incredible progress that the bank has made over the last 40 years, and how, with focus and deliberation, in 2014, the bank recorded the best ever performance since its inception well back in 1975.

— business@khaleejtimes.com