MIRA
INFORM REPORT
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Report Date : |
6th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
DUBAI ISLAMIC BANK PSC |
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Registered Office : |
Dubai Islamic Bank Building Al Makthoum Street, Deira, 1080 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
12th March 1975 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Subject provide full Islamic banking
services |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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Maximum Credit Limit : |
US$ 5,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
DUBAI ISLAMIC BANK PSC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Public Joint Stock Company |
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Registration Date |
12th March 1975 |
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Issued Capital |
UAE Dh 1,500,000,000 |
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Paid up Capital |
UAE Dh 1,500,000,000 |
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Total Workforce |
900 |
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Line of Business |
Full Islamic banking services |
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Financial Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
DUBAI ISLAMIC BANK PSC
ADDRESS
Registered & Physical Address
Building : Dubai Islamic Bank Building
Street : Al Makthoum Street
Area : Deira
PO Box : 1080
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2953000
Facsimile : (971-4) 2954111
Premises
Subject operates from a large suite of offices that are owned and located in the Central Business Area of Dubai.
Branch Office (s)
Subject operates a network of 26 branches located throughout the United Arab Emirates, including the following:
Location Description
PO Box 1409 Bank
Sharjah
Tel: (971-6) 5726444
Fax: (971-6) 5727555
KEY PRINCIPALS
HE Dr Mohamed Khalfan Bin Kharbash Chairman
Sultan Saeed Nasser Al Mansouri Deputy Chairman
Abdullah Nasser Bin Howaileel Director
Butti Saeed Al Kindi Director
Merza Hassan Al Saiyegh Director
Abdullah Hamad Bin Rahma Al Shamsi Director
Sultan Ahmed Khalfan Al Ghaith Director
Khaled Mohamed Bin Ali Al Kamda Director
Saleh Saeed Ahmed Lootah Director
Saad Abdul Razak Chief Executive Officer
LEGAL FORM & OWNERS
Date of Establishment : 12th March 1975
Legal Form : Public Joint Stock Company
Issued Capital : UAE Dh 1,500,000,000
Paid up Capital : UAE Dh 1,500,000,000
Name of Shareholder (s)
Government of Dubai
Members of the general public & private investors
AFFILIATED COMPANIES
Company Country Equity Held
Bank of Khartoum Sudan 60.0%
Islamic Financial Services LLC UAE 95.5%
Deyaar Development PSC UAE 95.5%
Omega Engineering LLC UAE 55.0%
Al Tanmyah Services LLC UAE 99.5%
Naseej Fabric Manufacturing LLC UAE 98.0%
DIB Printing Press LLC UAE 99.5%
Al Tatweer Al Hadith Real Estate Egypt 96.0%
Al Tameer Modern Real Estate Investment Egypt 96.0%
Al Tanmia Modern Real Estate Investment Egypt 100.0%
Emirates Trading Center LLC UAE 100.0%
Islamic Investment Company PSC UAE 95.5%
Al Ahlia Aluminium Company LLC UAE 75.5%
Zone One Real Estate Management Co Cayman Islands 100.0%
Zone Two Real Estate Management Co Cayman Islands 100.0%
Al Islami Trade Finance FZ LLC UAE 100.0%
DIB Lease One Ltd Bahamas 100.0%
DIB Lease One (Dublin) Ltd Ireland 100.0%
Gulf Atlantic FZ LLC UAE 100.0%
Al Islami Oceanic Shipping Co FZ LLC UAE 100.0%
Dubai Islamic Bank Pakistan Ltd Pakistan 100.0%
DIB Tower Sal Lebanon 100.0%
LINE OF BUSINESS
Operations: The subject carries out full banking services, financing and investing activities through
various Islamic instruments such as
Murabaha, Istisna, Mudaraba, Musharaka, Wakala, Ijara. All the activities of
the bank are conducted in accordance with Islamic Sharia.
Operating Trend : Steady
Subject has a workforce of approximately 900 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below:
Currency : United Arab Emirates Dirham (UAE Dh)
Consolidated Income Statement 31/12/2005 31/12/2004
Income
Income from Islamic financing & investing assets 1,690,200,000 1,016,573,000
Income from international murabahat, short term 196,409,000 154,460,000
Income from investment properties 149,906,000 145,368,000
Income from sale of development properties, net 141,626,000 33,643,000
Commissions, fees and foreign exchange income 444,741,000 112,844,000
Share of profits (losses) of associates 343,000 (3,809,000)
Other operating income 72,818,000 10,939,000
Total Income 2,696,043,000 1,470,018,000
Expenses
General & administrative expenses (569,464,000) 335,619,000
Depreciation of investment properties (11,612,000) 27,887,000
Provisions for impairment (130,173,000) 88,716,000
Total Expenses (711,249,000) 452,222,000
Profit before depositor’s share and tax 1,984,794,000 1,017,796,000
Depositor’s share of profits (918,405,000) 556,763,000
Profit for the year before tax 1,066,389,000 461,033,000
Income tax expense (3,015,000) -
Profit for the Year 1,063,374,000 461,033,000
Attributable to:
Shareholders of the parent 1,061,069,000 461,033,000
Minority interests 2,305,000 -
Consolidated Balance Sheet 31/12/2005 31/12/2004
Assets
Cash & balances with Central Banks 3,166,104,000 2,067,210,000
Balances & deposits with banks 829,116,000 225,759,000
International murabahat, short term 5,657,841,000 7,502,571,000
Islamic financing & investing assets 28,305,912,000 17,487,113,000
Development properties 543,160,000 216,518,000
Investment properties 749,285,000 1,138,379,000
Investments in associates 86,644,000 73,566,000
Other Investments 2,012,758,000 1,298,064,000
Receivables & other assets 1,203,374,000 477,726,000
Fixed assets 401,765,000 126,455,000
Goodwill 42,320,000 -
Total Assets 42,998,279,000 30,613,361,000
Liabilities
Customer’s deposits 33,391,950,000 24,941,016,000
Due to banks and other financial institutions 4,099,357,000 1,393,178,000
Other liabilities 1,628,155,000 1,277,684,000
Accrued zakat 39,612,000 14,877,000
Total Liabilities 39,159,074,000 27,626,755,000
Shareholder’s equity
Share capital 1,500,000,000 1,500,000,000
ESOP shares (8,226,000) (8,226,000)
Statutory reserve 731,700,000 625,566,000
Donated land reserve 286,951,000 284,701,000
General reserve 595,000,000 280,000,000
Exchange translation reserve 8,320,000 -
Retained earnings 5,460,000 5,378,000
Proposed dividends 598,354,000 299,177,000
Total shareholder’s equity 3,717,559,000 2,986,596,000
Minority interests 121,646,000 10,000
Total liabilities & shareholder’s equity 42,998,279,000 30,613,361,000
Contingent liabilities 8,081,461,000 2,785,261,000
Local sources consider subject’s financial condition to be Good.
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March 2000
Credit amount 200,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters of Credit
Paying record No Complaints
Currency US
Dollars
GENERAL COMMENTS
Dubai Islamic Bank PSC was established in 1975 and offers a full range of banking activities that are all conducted in accordance with Islamic Sharia.
Local sources report that the financial situation is strong and that nothing detrimental has been uncovered regarding the subject’s banking practices. As such we are of the opinion that the company is a sound trade risk.
Maximum suggested credit figure: US$ 5,000,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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