Dubai – Mubasher: The ordinary general meeting (OGM) of Dubai Islamic Bank (DIB) has agreed to distribute cash dividends, equivalent to 20% of the company’s paid-up capital.

The cash dividend distribution aggregates at a total amount of AED 1.445 billion, according to the bank’s disclosure to the Dubai Financial Market (DFM) on Wednesday.

The bank’s shareholders have also approved to allow the board to issue Sukuks or similar instruments in amounts not exceeding $7.5 billion.

The Director General of The Ruler’s Court of Dubai and Chairman of DIB, Mohammed Ibrahim Al Shaibani said: “As a response, the bank has taken steps to mitigate the economic impact of the Covid-19 pandemic and support the wider economy’s road to recovery. DIB has provided relief measures totaling AED 9 billion to more than 54,000 customers.”

Meanwhile, the Group CEO of DIB, Adnan Chilwan, commented: “The fact that our overall income remained stable at just over AED 13 billion, whilst the operating revenue grew to nearly AED 9.5 billion is a huge achievement given the year’s subdued global and domestic economic activities.”

It is noteworthy to mention that in 2020, the bank's net profits decreased to AED 3.293 billion from AED 5.014 billion in 2019.