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Today when we talk about Islamic Banking, it seems quite a normal topic. But let’s date back to mid-1990`s when the whole Financial World was under the sole concept i.e. Conventional Banking. Running at the hands of interest and Profit based money, it undoubtedly brought laurels to some people at the expense of others. The only rival in those days was Marxism according to which non-deserving should get equal rights as the deserving ones.
Now, in two extreme situations, where one is getting benefit at the expense of other or in the other case when again non-deserving is getting benefited at the hands of deserving one, a middle of the road approach was once introduced that laid the foundations of today’s most popular Topic i.e. Islamic Banking.
Yes, the reason behind the idea generation of a Bank running on the principals of Shariah was proposed by none by Dubai Islamic Bank after the first annual Islamic Conference held in Makkah. The idea soon gained support and the Bank laid the foundations of First Islamic Bank.This idea was the lucky charm for the Bank and when people started to know about this new concept, it surely brought laurels to the organization thus evident from the fact that within 10 years of its operations in UAE, Dubai Islamic Bank ranks among top 5 Banks in UAE.
The bank offers Islamic based financial solutions in the form of Interest Free Transactions, takaful plans, Asset Management, Interest Free Saving Plans, Investment opportunities, Shariah compliance wealth management, Ijara and proposes models of Wakalah. It indulges in the deeps of Conventional Banking and with the help of Islamic Principals, bring a better alternative than Conventional Banking that benefits society as a whole and brings success to the client in the long run.
The company is a joint Stock Company whose shares are also listed on Dubai Financial Market. As the name suggests, it is operated in Dubai in 1975 as a major Islamic Bank. The Bank soon gained Popularity and widen its horizons of business outside UAE as well with currently 62 operating branches and expansion in Asian and European region. Adnan Chilwan is the current bank president.
The company disclosed its Assets in 2004 as 30,613,361 with a growth of 34.40% as compared with 2003. The Shareholder’s Equity is 2,687,419 with a dividends distribution of 150,000. The Bank experienced Net Income after Taxes of 461,003 as compared with last year net income which was 234,456. The earnings growth of the firm is increasing at a fast pace like never before with a rate of 96.64% as compared with last year’s rate that was 46.72%.
The financial information shows that the company is doing quite well in the Banking sector and the profits are increasing day by day thus attracting more and more shareholders through increase Dividends amounts.
Dubai Islamic Bank is the pioneer of Islamic Banking in UAE and with a clear vision and strong points, it gave the whole UAE a totally new form of banking system which now the government calls the Future of UAE banking as well and the system we are talking about is none but Islamic Banking!