Dubai – Mubasher: Dubai Islamic Bank (DIB) on Wednesday posted an 11% year-on-year increase in profits for the full-year 2018.

Net profits amounted to AED 5 billion ($1.36 billion) in 2018, compared to AED 4.5 billion ($1.23 billion) in 2017, according to a filing to the Dubai Financial Market (DFM).

Total income of the first Islamic bank in the world rose 15% to AED 11.7 billion during the year ended 31 December, from AED 10.19 billion the year before.

"Our commitment to grow the Islamic capital markets has seen DIB participate and lead nearly USD 23 billion of sukuk and syndication transactions with our book of Sukuk investments growing to AED 31 billion this year," stated Mohammed Ibrahim Al Shaibani, DIB chairman and director-general of the Ruler’s Court of Dubai, in a comment on DIB's annual results.

Moreover, net Financing and sukuk investments rose to AED 175.9 billion, up 11.8% year-on-year from AED 157.4 billion in the full year 2017.

Total Assets stood at AED 223.7 billion in 2018, up 7.9% versus AED 207.3 billion in the prior year.

"Shariah-compliant banking is on the rise in markets around the world, and DIB, being amongst the top two Shariah-compliant banks in the world, is playing a key role here. We will continue our progress in spreading the popularity of Islamic banking, educating the market on its benefits, and shattering the myth that Shariah-compliant banking is limited to Muslims," Al Shaibani concluded.

It is worth noting that the bank posted a 12.1% year-on-year profit increase in the first nine months of 2018, registering AED 3.701 billion.

By 12:17 am UAE time, DIB’s stock fell 2.28% at AED 5.14.