Dubai Islamic Bank

Abstract

This entry presents a comprehensive historical overview of the establishment and growth of Dubai Islamic Bank, the second-largest Islamic bank in the world in terms of assets and customer base as of 2019. It also discusses the bank’s role in promoting Islamic banking principles. The entry evaluates the bank’s line of Islamic financial products, electronic banking services, real estate and investment banking activities, and prominent position in the issuance of sukuk. The entry describes the bank’s expansion endeavors both domestically and abroad, detailing the procedure of establishing branches and strategic partnerships in nations including Pakistan, Jordan, Kenya, Sudan, and Indonesia. Furthermore, the chapter outlines two instances of irregularities, one between 1995 and 1998 and the other in 2008, with regards to fraud. The entry details the substantial financial losses incurred by the bank in the initial instance, which concerned illicit transactions and theft. It delves into the hurdles faced by the DIB, particularly post the 2008 incident.