Dubai Bank

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Dubai Bank
Public
IndustryIslamic banking and finance
Founded2002
HeadquartersDubai, UAE
Key people
Mohammed Hadi Ahmed Al Hussaini, Chairman
Jamal Saeed Bin Ghalaita, CEO
Websitewww.dubaibank.ae

Dubai Bank was an Islamic bank based in Dubai, UAE. Launched in September 2002, the Bank became a Shari’a-compliant financial institution with a focus on the UAE’s Islamic banking sector on 1 January 2007. Dubai Bank is part of the Dubai Group, a Dubai Holdings company.

The bank increased its capital to AED 1.50 Billion in 2007 and is on an expansion spree, and as of March 2008 has total assets of AED 14.4 billion. The bank as of the end of 2007 has 15 branches spread across UAE and has more aggressive plans in 2008 including opening another 10 branches.

Fitch Ratings has recently assigned Dubai Bank Long-term Issuer Default rating (IDR) 'A' with a Stable Outlook, Short-term IDR 'F1', Support rating '1' and Support Rating Floor 'A'.

As per the pre orders from the Ruler of Dubai on 11 October 2011, Emirates NBD was set to take over Dubai Bank. There are no financial details available.[1]

29 November 2012 was the last day of Dubai Bank before Emirates Islamic Bank acquired it. On 1 December 2012 the operations of the bank were undertaken by Emirates Islamic Bank.[2]

References[edit]

  1. ^ "Emirates NBD takes over Dubai Bank". GulfNews.com. 2011-10-11. Retrieved 2016-04-22.
  2. ^ "Dubai Bank PJSC: Private Company Information – Businessweek". Bloomberg.com. 2012-11-30. Retrieved 2016-04-22.

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