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Dubai Islamic Bank

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Dubai Islamic Bank
TypePublic bank
DFM: DIB
ISINAED000201015
IndustryIslamic banking and finance
Founded15 September 1975; 51 years ago (1975-09-15)
Headquarters
Dubai
,
United Arab Emirates
Key peopleMohammed Ibrahim Al Shaibani
(Chairman)
Adnan Chilwan
(Group CEO)
ProductsRetail banking, Corporate banking, Investment banking
RevenueAED 7,8 billion (2025)
(USD 2,12 billion)[1]
AED 23 billion (2025)
(USD 6,48 billion)[1]
Total assetsAED 415 billion (2025)
(USD 113 billion)[1]
Total equityAED 53 billion (2025)
(USD 14,46 billion)[1]
Number of employees
Approximately 10,000
Websitewww.dib.ae

Dubai Islamic Bank (DIB; Arabic: بنك دبي الإسلامي) is a major Islamic bank headquartered in Dubai, United Arab Emirates. Established in 1975 by Saeed bin Ahmed Lootah, it is the country's second largest lender.[2] The bank follows Sharia principles across all its activities and is the largest Islamic bank in the United Arab Emirates by assets.[3]

Dubai Islamic Bank is a public joint-stock company listed on the Dubai Financial Market.[4]

DIB was ranked 13th on Forbes Middle East's 30 Most Valuable Banks 2025 list.[5] It also ranked 22nd on Forbes Middle East's Top 100 Listed Companies 2025 list.[6]

History

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The bank was founded in 1975 to offer Islamic banking services.[7]

In January 2020, DIB acquired Noor Bank.[8]

Operations

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The bank's activities include retail banking, corporate banking, and SME banking, as well as trade finance, treasury services, and investment banking-related products.[9]

International presence

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Subsidiaries

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  • Dar Al Sharia – A Sharia legal and financial advisory firm established in 2008.[15]
  • Deyaar Development – A real estate development company based in the United Arab Emirates.[16]

Financial performance

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In 2024, Dubai Islamic Bank reported revenues of approximately US$6.3 billion and total assets of approximately US$94 billion.[17]

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Ryan Cornelius case

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Dubai Islamic Bank has been involved in a long-running legal dispute concerning British businessman Ryan Cornelius, who has been imprisoned in Dubai since 2008.[18] In 2025, the European Parliament described his conviction as being based on "false fraud charges related to a loan from Dubai Islamic Bank" and called for his immediate release.[19]

The 2022 United Nations Working Group on Arbitrary Detention opinion recorded that the judge originally hearing the case said he was unable to convict Cornelius on the evidence presented and called instead for further investigation of "more senior Dubai Islamic Bank executives who are not on trial".[18] Cornelius was later convicted before a different judge following what the Working Group described as an "extremely brief" trial; it concluded that his guilt appeared to have been predetermined and found serious violations of his fair-trial rights.[18]

Shortly before Cornelius was due to complete his original sentence in 2018, his imprisonment was extended by a further 20 years under Dubai Law No. 37 of 2009.[19] The UN opinion recorded a submission that the additional sentence was imposed "at the behest of Dubai Islamic Bank" and found that Cornelius had received no prior notice, legal representation or opportunity to make submissions at the closed-door proceeding.[18] The Working Group found his detention arbitrary and called for his immediate release and compensation.[18] It also recorded that civil proceedings in Bahrain had reportedly found that Cornelius's indebtedness to DIB had already been discharged.[18]

In July 2026, seven UN human-rights experts again called for Cornelius's immediate release, describing the proceedings that produced the 20-year extension as "marred by serious judicial irregularities" and noting that the Bahrain proceedings had reportedly found that assets and payments transferred to the lender had fully discharged the debt and exceeded the amount due.[20]

The case has also prompted calls in the Parliament of the United Kingdom for targeted sanctions against DIB officials. In March 2025, a cross-party group of British parliamentarians urged the UK government to impose Magnitsky sanctions in connection with Cornelius's case, including against then-DIB chairman Mohammed Ibrahim Al Shaibani and other bank officials over their alleged role in his continued detention and the seizure of his assets.[21][22]

Al Shaibani resigned as chairman and a member of DIB's board in September 2026, shortly after leaving his role as Director General of the Dubai Ruler's Court.[23][24]

DIB has rejected allegations that it is responsible for Cornelius's imprisonment, stating that sentencing is a matter for the UAE judicial system.[25]

See also

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References

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  1. 1 2 3 4 "Auditor's report and consolidated financial statements for the year ended 31 December 2025" (PDF). Dubai Islamic Bank.
  2. ↑ "The Dubai debt trap". The Economist. 15 December 2021.
  3. ↑ "UAE banks post strong results". Reuters. 6 February 2024.
  4. ↑ "Islamic finance comes of age". Financial Times. Retrieved 15 December 2025.
  5. ↑ Mughal, Waqar. "Dubai Islamic Bank (DIB)". Forbes Lists.
  6. ↑ Mughal, Waqar. "Dubai Islamic Bank (DIB)". Forbes Lists.
  7. ↑ "The rise of Islamic banking". Financial Times.
  8. ↑ "Dubai Islamic Bank Considers Acquiring Noor Bank, Sources Say". Bloomberg News. Archived from the original on 2022-02-09.
  9. ↑ "Middle East banks expand services". Reuters.
  10. ↑ "Islamic banking in Europe". Financial Times.
  11. ↑ "Indonesia Islamic banking growth". Bloomberg News.
  12. ↑ "Kenya issues licence to shariah-compliant DIB Bank". Reuters. 15 May 2017.
  13. ↑ "Islamic banking growth in Pakistan". Reuters.
  14. ↑ "Sudan banking sector overview". Reuters.
  15. ↑ "About Dar Al Sharia". Dar Al Sharia.
  16. ↑ "Deyaar reports results". Gulf News.
  17. ↑ "Dubai Islamic Bank posts strong results". Gulf News.
  18. 1 2 3 4 5 6 Opinion No. 19/2022 concerning Ryan Cornelius (United Arab Emirates) (PDF) (Report). United Nations Working Group on Arbitrary Detention. 31 May 2022. A/HRC/WGAD/2022/19. Retrieved 25 September 2026.
  19. 1 2 "European Parliament resolution of 10 July 2025 on the case of Ryan Cornelius in Dubai". European Parliament. 10 July 2025. Retrieved 25 September 2026.
  20. ↑ "UAE: British businessman Ryan Cornelius must be released before detention becomes death sentence, UN experts warn". Office of the United Nations High Commissioner for Human Rights. 24 July 2026. Retrieved 25 September 2026.
  21. ↑ "Lammy urged to sanction Dubai officials over detainment of UK businessman". Financial Times. 19 March 2025. Retrieved 25 September 2026.
  22. ↑ "Foreign Affairs Committee Inquiry into the UK's Sanctions Strategy". UK Parliament. Retrieved 25 September 2026.
  23. ↑ "DIB Chairman Alshainbani resigns". Argaam. 24 September 2026. Retrieved 25 September 2026.
  24. ↑ "Abdulrahman Al Saleh appointed acting director general of Dubai Ruler's Court by Sheikh Hamdan". Gulf News. 20 September 2026. Retrieved 25 September 2026.
  25. ↑ Wintour, Patrick (21 November 2025). "Dubai bank is behind British businessman's 30-year jail sentence, family claims". The Guardian. Retrieved 25 September 2026.
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