ABU DHABI ISLAMIC BANK RECORDS 33% PROFITS GROWTH

Info-Prod Research (Middle East), February, 2004

According to Al-Bayan newspaper (February 5, 2004), Abu Dhabi Islamic Bank announced a net profit of Dh 100.56 million ($27.40 million) for 2003 compared with Dh 75.62 million ($20.60 million) in 2002. These figures translate into a 33% growth. Abu Dhabi Islamic Bank was established on 20th May 1997 as a Public Joint Stock Company through the Amiri Decree No.

9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Information and Culture on 18th April 1999. All contracts, operations and transactions are carried out in accordance with Islamic Shari'a principles.