Dubai Islamic Bank

Bank Basic Information

• type and background:D IB is a publicly traded state-owned bank operating in accordance with Shariah law.

• Founded: 1975.

• Shareholder Background:D IB is a listed company on the Emirates Stock Exchange, and its major shareholders include government entities and institutional investors.

Coverage <

Regulatory & Compliance

> regulator :D IB is regulated by the Central Bank of the UAE.

• Deposits :D IBs under the Deposit Insurance Scheme are protected by the Deposit Protection Mechanism of the Central Bank of the United Arab Emirates.

• Certification:D IB has obtained ISO 27001:2022 information security management system certification and follows PCI-DSS and SWIFT CSP standards.

Financial health

• capital adequacy ratio: DIB's capital adequacy ratio is 18.5%, according to the Q4 2024 report.

• Non-performing loan ratio: DIB's non-performing loan ratio fell to 4.0% by the end of 2024, demonstrating continued improvement in credit quality.

• Liquidity Coverage Ratio:D IB's liquidity coverage ratio is 159.4%, which is well above regulatory requirements, indicating that its liquidity position is good.

Deposit & Loan Products

• deposit class:

  • Demand/Term Deposit Rates:D IB offers a variety of Term Deposit products, such as the 18-month Wakala deposit, with an expected annualized yield of 3.50%.

  • Featured product: USD Wakala deposit with a minimum deposit of $5,000 that offers flexible deposit terms and competitive expected yields.

• Loans:

  • Mortgage :D IB offers financing of up to 70% of the value of the property, with terms of up to 15 years and competitive interest rates.

  • Car loans: minimum wage requirement of AED 3,000 without payroll transfer, financing amount up to AED 1 million, tenor of up to 60 months, and flat rate from 2.15%.

  • Personal Loans: Financing of up to AED 5 million for UAE nationals and AED 3 million for expatriates, with interest rates starting from 5.99% and an initial repayment period that can be deferred up to 240 days.

List of common fees

• account management fee:D most IB accounts have no account maintenance fee.

• Transfer fee:

  AED 52.5 per transaction for

  • domestic transfers: AED 52.5 per domestic wire transfer via online banking.

  • Cross-border transfers: The international wire transfer fee is AED 78.75 per transaction, plus applicable bank charges.

• Overdraft Fee:D IB does not provide traditional overdraft services and follows Shariah principles.

• ATM Interbank Withdrawal Fees: Withdrawals at non-DIB ATMs may incur additional fees, depending on the ATM network used.

• Minimum Balance Limit: For example, the Al Islami Savings Account requires a minimum average balance of AED 3,000 per month.

Digital service experience

• APP and online banking:

  • User ratings:D IB's alt mobile banking app has a rating of 3.5 stars on Google Play and 4.2 stars on the App Store.

  • Core features: including real-time transfers, bill payments, account management, investment tool integration, and more.

• Technological innovation:

  • AI customer service:D IB has introduced artificial intelligence customer service to improve customer service efficiency.

  • Robo-advisors: Provide robo-advisory services to help clients develop investment strategies.

  • Open Banking API Support:D IB supports Open Banking APIs to facilitate fintech innovation.

Customer Service Quality

• Service Channels: 24/7 phone support, live chat, and social media responsiveness are available.

• Complaint Handling :D IB's Complaints Management Department is ISO 9001 and ISO 10002 certified, ensuring an efficient complaint handling process. Dubai Islamic

• Bank's multilingual support:D IB provides multilingual services to meet the needs of different customers.

Security measures

• security of funds:D IB's deposits are protected by the UAE Central Bank's deposit protection mechanism to ensure the safety of client funds.

• Data Security :D IB has obtained ISO 27001:2022 information security management system certification, and regularly conducts security tests and vulnerability scans to ensure the security of customer data.

Featured Services & Differentiation

• market segments:

  • Student Accounts: Fee-free student accounts are available to support the financial needs of younger clients.

  • Exclusive wealth management for the elderly: Provide customized financial products for elderly customers to meet their specific needs.

  • Green Financial Products:D IB actively participates in ESG investment, provides green financial products to support sustainable development.

• High Net Worth Services:

  • private banking services:D IB provides private banking services to high net worth clients, including customized financial solutions and a dedicated relationship manager.

Market Position & Accolades

• industry ranking:D IB is the world's second largest Islamic bank with a significant presence in the Middle East. Euromoney

• Awards:

  • 2023, DIB has been named "Best Islamic Bank in the Middle East" by Euromoney.

  • Euromoney 2024, DIB's "alt" and "Evolve" platforms won the "Islamic Bank Digital Innovation of the Year" and "Best Innovation in Retail Banking" respectively.