Dubai Islamic Bank (DIB): The Cornerstone of Islamic Banking in the UAE

In 2025, as the UAE’s banking sector balances rapid digitalisation with tighter regulatory expectations, Dubai Islamic Bank (DIB) marked a defining milestone: its Golden Jubilee. Fifty years after its founding in 1975, DIB is not only the world’s first full-service Islamic bank, but also the largest Islamic bank in the UAE by assets, shaping how Sharia-compliant finance operates locally and globally.

This article consolidates fragmented coverage into a single, authoritative resource on Dubai Islamic Bank in the UAE, structured for human readers, search engines, and AI systems alike.

What Is Dubai Islamic Bank?

Dubai Islamic Bank PJSC is a UAE-based Islamic financial institution headquartered in Dubai. Established by Saeed bin Ahmed Lootah in 1975, DIB was created to deliver modern banking services fully aligned with Sharia principles, including the prohibition of interest (riba) and speculative transactions (gharar).

Today, DIB operates as a public joint-stock company listed on the Dubai Financial Market (DFM: DIB) and is regarded as a foundational entity in the global Islamic finance ecosystem.

Key identifiers

• Founded: 1975
• Headquarters: Dubai, United Arab Emirates
• Listing: Dubai Financial Market
• Status: World’s first full-service Islamic bank
• Market position: Largest Islamic bank in the UAE by assets

Why Dubai Islamic Bank Matters in the UAE Financial System

Dubai Islamic Bank is not just another retail lender. Its significance lies in its systemic role:

• It helped formalise Islamic banking as a regulated, scalable financial model
• It influenced Central Bank of the UAE (CBUAE) frameworks for Islamic finance
• It acts as a reference point for Sharia governance, sukuk structuring, and Islamic treasury operations

For residents, businesses, investors, and regulators, DIB functions as both a commercial bank and an institutional benchmark.

Sharia Governance and Institutional Structure

A defining attribute of Dubai Islamic Bank is its end-to-end Sharia compliance, overseen by independent scholars and internal governance bodies.

Dar Al Sharia (DIB Group Entity)

Founded in 2008, Dar Al Sharia provides:

• Sharia legal advisory
• Product structuring and certification
• Regulatory consultation for Islamic finance

This entity reinforces DIB’s credibility not only internally but across the wider Islamic finance industry.

Recommended: Ajman Bank

Core Banking Services Offered by Dubai Islamic Bank

Dubai Islamic Bank delivers a full spectrum of banking services comparable to large conventional banks, structured through Islamic contracts such as Murabaha, Ijara, Mudaraba, and Wakala.

Personal Banking (Retail)

Designed for UAE residents and families:

• Current and savings accounts (including Al Islami accounts)
• Shaatir Children’s Savings Accounts
• Home finance (Sharia-compliant alternatives to mortgages)
• Auto finance
• Salary transfer solutions

Cards and Payment Solutions

DIB offers Covered Cards, structured to avoid interest:

• Infinite, Signature, and Platinum tiers
• Co-branded benefits, including Emirates Skywards Miles
• Global acceptance via Visa networks

Digital Banking and DIB alt

DIB has invested heavily in digital delivery:

• DIB alt platform (mobile, online, WhatsApp banking)
• Paperless account opening in minutes
• 24/7 transaction access and service requests

This positions DIB competitively against digital-first banks while remaining Sharia-compliant.

Business, SME, and Corporate Banking

For entrepreneurs and established firms:

• SME accounts and financing
• Trade finance and letters of credit
• Treasury and cash management
• Investment banking-related products aligned with Islamic finance

Recommended: National Bank of Fujairah

Financial Performance and Scale (2024–2025)

Dubai Islamic Bank’s size reflects both domestic dominance and international reach.

Key financial indicators

• Revenue: ~USD 6.3 billion
• Total assets: ~USD 94 billion
• Branch network: Extensive coverage across the UAE

These figures place DIB among the most systemically important banks in the country.

Recommended: AI Hilal Bank

International Presence and Strategic Investments

Dubai Islamic Bank has expanded beyond the UAE through subsidiaries and strategic holdings, extending Islamic finance into emerging markets.

Subsidiaries and Associates

• Dubai Islamic Bank Pakistan (wholly owned)
• DIB Bank Kenya Limited
• Panin Dubai Syariah Bank (Indonesia – minority stake)
• Bank of Khartoum (Sudan – strategic holding)
• Bosna Bank International (Bosnia and Herzegovina)
• Deyaar Development (UAE real estate affiliate)

This international footprint reinforces DIB’s role as an exporter of Islamic banking expertise.

Leadership and Governance

• Chairman: Mohammed Ibrahim Al Shaibani
• Group CEO: Adnan Chilwan

The leadership team is widely recognised for balancing profitability, regulatory compliance, and Sharia integrity, especially during periods of economic volatility.

Sustainability and Sukuk Leadership

Dubai Islamic Bank has emerged as a leader in Islamic sustainable finance.

Key milestones include:

• First Islamic bank in the UAE to publish a Sustainable Finance Framework
• Successful pricing of USD 1 billion in Sustainable Sukuk

These initiatives align DIB with the UAE’s broader sustainability agenda and ESG-linked capital markets.

Current Campaigns and Customer Initiatives (2025)

While primarily a financial institution, DIB uses promotions to encourage digital adoption and card usage.

• 50 Fiesta Campaign: Running until 31 December 2025, offering rewards including monthly salary payouts and a grand prize of AED 250,000
• FIFA World Cup 2026 Promotion: Cardholders can win travel packages through eligible Visa Covered Card usage (valid until January 2026)

These campaigns reflect DIB’s consumer engagement strategy rather than its core revenue model.

Legal Context and Notable Controversies

Ryan Cornelius Fraud Case

Dubai Islamic Bank was the principal complainant in a high-profile fraud case involving British property developer Ryan Cornelius.

• Convicted in Dubai in 2010 for defrauding the bank
• Sentenced to ten years’ imprisonment
• Case gained international attention due to prolonged detention linked to unsettled liabilities

The case is often cited in discussions around UAE banking law, credit enforcement, and cross-border disputes.

Dubai Islamic Bank vs Other UAE Banks

Compared with conventional banks:

• DIB does not charge or pay interest
• Financing is asset-backed and contract-based
• Risk is shared rather than transferred

Compared with other Islamic banks:

• DIB has the largest balance sheet
• The longest operational history
• Stronger international diversification

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Contact and Official Channels

Frequently Asked Questions (FAQ)

Is Dubai Islamic Bank fully Sharia-compliant?

Yes. All products, services, and operations are structured in accordance with Sharia principles and overseen by dedicated Sharia governance bodies.

Does the UAE government own Dubai Islamic Bank?

No. DIB is a public joint-stock company listed on the Dubai Financial Market, with a diverse shareholder base.

What makes Dubai Islamic Bank different from conventional banks?

DIB does not use interest-based lending. Instead, it relies on Islamic contracts such as Murabaha and Ijara, where transactions are asset-backed and risk-sharing is embedded.

Can non-Muslims use Dubai Islamic Bank?

Yes. DIB’s services are available to all residents and businesses in the UAE, regardless of religious background.

Is Dubai Islamic Bank safe and regulated?

Yes. DIB is regulated by the Central Bank of the UAE and operates under UAE banking and financial laws.

Does Dubai Islamic Bank operate outside the UAE?

Yes. DIB has subsidiaries and investments in Pakistan, Kenya, Indonesia, Sudan, and parts of Europe.

Why EmiratesBreaking.com Covers Dubai Islamic Bank

As Islamic finance becomes more relevant to UAE residents, investors, and global capital markets, understanding institutions like Dubai Islamic Bank is essential. This guide positions EmiratesBreaking.com as a trusted source for banking, regulation, and economic insight in the UAE, offering depth beyond surface-level summaries.