Dubai – Mubasher: The ordinary general meeting (OGM) of Dubai Islamic Bank (DIB) has agreed on the board's recommendation for a 35% cash dividends or 35 fils per share after the bank recorded the highest net profits in its history in 2019.

During the meeting, shareholders also approved raising foreign ownership limit (FOL) in the bank’s share capital from 25% to 40%, according to the bank’s disclosure to Dubai Financial Market (DFM) on Monday.

The acquisition of Noor Bank, completed in late January 2020, made DIB one of the world’s largest Islamic banks, with total assets over AED 275 billion ($75 billion), while strengthening Dubai’s position as a global centre for Islamic finance.

The DIB's group CEO, Adnan Chilwan, commented: “The sustained performance over the years has resulted in the balance sheet crossing AED 230 billion and the market share rising to circa 10%.”

It is noteworthy to mention that in 2019, the bank reported a 2% year-on-year (YoY) increase in net profits to AED 5.102 billion from AED 5.003 billion in 2018.