Dubai Islamic Bank

Dubai Islamic Bank (DIB) is a major Islamic bank headquartered in Dubai, United Arab Emirates. Founded in 1975 by Saeed bin Ahmed Lootah, it was established to provide banking services organized around Islamic commercial and ethical principles. The institution is widely described as the first fully Sharia-compliant bank and became an important early platform for the development of modern Islamic banking in the Gulf. DIB applies Sharia principles across its banking activities rather than operating Islamic products as a limited window within a conventional bank. Its business includes retail banking, corporate banking, small and medium-sized enterprise banking, trade finance, treasury services, investment-banking-related products and wealth-oriented services. The bank’s offering is built around structures such as Murabaha, Musharaka and Ijarah, which use trade, partnership or leasing arrangements in place of conventional interest-based lending. Products and services are designed for individuals, businesses and institutional customers and may include financing, deposits, cards, payments, cash management and other banking facilities subject to the bank’s Sharia governance framework. The bank is a public joint-stock company listed on the Dubai Financial Market under the ticker DIB. It is one of the largest lenders in the United Arab Emirates and is identified in reference material as the country’s largest Islamic bank by assets. Its domestic franchise is supported by activities spanning consumer, business and corporate clients, while its broader group has interests and subsidiaries connected with Islamic banking, financial advice and real estate. DIB’s international presence includes a wholly owned Pakistani subsidiary, exposure to Islamic banking in Bosnia and Herzegovina and Indonesia, a licensed banking presence in Kenya, and a strategic shareholding in Sudan’s Bank of Khartoum. In January 2020, DIB completed the acquisition of Noor Bank. The transaction expanded DIB’s customer base and assets and represented a significant consolidation step in the United Arab Emirates’ Islamic-banking sector. The group also includes or has been associated with entities such as Dar Al Sharia, a Sharia and financial advisory firm established in 2008, and Deyaar Development, a UAE real-estate developer. DIB’s public profile combines scale, Islamic-finance specialization and a Dubai-centered regional identity. Its positioning is not limited to religiously compliant retail banking: the bank also participates in corporate finance, trade, treasury, investment-related activity and cross-border financial services. In 2024, reference material reported approximately US$6.3 billion in revenue and approximately US$94 billion in total assets; these figures should be read as period-specific reported amounts rather than permanent measures of the institution’s size. The bank was also listed in Forbes Middle East’s 2025 rankings of valuable banks and listed companies. DIB remains active as a publicly traded UAE banking group.

Dubai Islamic Bank was established in Dubai in 1975 by Saeed bin Ahmed Lootah to provide banking services based on Islamic principles. Its creation came during the formative period of modern Islamic finance, when financial institutions in the Gulf and elsewhere were developing structures intended to avoid conventional interest and to connect financing with trade, leasing, partnership or asset-based transactions. DIB is generally recognized as the first fully Sharia-compliant bank, distinguishing it from conventional banks that later introduced separate Islamic products or windows. From its foundation, DIB’s model centered on applying Sharia requirements throughout the institution’s activities. Its banking structures have included Murabaha, in which the bank facilitates a disclosed-cost sale with an agreed profit; Musharaka, based on partnership or shared ownership; and Ijarah, based on leasing. These structures support consumer and business financing while forming part of a broader governance system involving Sharia review and oversight. The bank developed beyond a narrow retail proposition into a full-service institution offering corporate banking, SME banking, trade finance, treasury services and investment-banking-related products. DIB became a public joint-stock company and its shares were listed on the Dubai Financial Market under the symbol DIB. Its domestic role expanded alongside the growth of the UAE economy and the increasing institutionalization of Islamic finance. The bank is described in reference material as the UAE’s second-largest lender overall and its largest Islamic bank by assets. It has also developed a wider group and international network. This includes a wholly owned Pakistani subsidiary established in 2006, an interest in Bosna Bank International in Bosnia and Herzegovina, a minority shareholding in Panin Dubai Syariah Bank in Indonesia, a banking license in Kenya and a strategic shareholding in Sudan’s Bank of Khartoum. The group’s activities have not been limited to banking. Dar Al Sharia, a Sharia legal and financial advisory firm, was established in 2008 and is associated with the group’s Islamic-finance expertise. Deyaar Development, a UAE real-estate development company, is also identified among DIB’s subsidiaries or associated businesses. These activities reflect the connections between Islamic banking, asset-based finance, property and specialist Sharia advisory work. A major turning point came in January 2020, when DIB acquired Noor Bank. The transaction brought together two UAE Islamic-banking franchises and increased DIB’s domestic scale. It was part of a broader period of consolidation in the UAE banking market, where combinations were used to strengthen balance sheets, broaden customer reach and improve operating scale. DIB continued to operate as a listed public bank after the acquisition. The bank has also appeared in legal reporting. It was the principal complainant in the fraud case involving British property developer Ryan Cornelius. Cornelius was convicted in Dubai in 2010 and received a ten-year prison sentence. International reporting in 2018 discussed the possibility that his detention could continue unless liabilities reported as exceeding US$400 million were settled. The case is associated with DIB as complainant and should not be treated as a finding that the bank itself was convicted of wrongdoing. By 2024, reference material described DIB as reporting approximately US$6.3 billion in revenue and approximately US$94 billion in total assets. The bank was also included in Forbes Middle East’s 2025 rankings, placing 13th among the publication’s 30 Most Valuable Banks and 22nd among its Top 100 Listed Companies. DIB remains an active, Dubai-headquartered and publicly traded Islamic banking group with a core UAE franchise and selected international operations.

1. 2025Forbes Middle East rankings

   DIB was reported as ranking 13th among Forbes Middle East’s 30 Most Valuable Banks and 22nd in its Top 100 Listed Companies.

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2. 2024Reported 2024 financial results

   Reference material reported approximately US$6.3 billion in revenue and approximately US$94 billion in total assets for the year.

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3. 2020Noor Bank acquisition

   DIB acquired Noor Bank in January, expanding its UAE Islamic-banking franchise.

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4. 2010Ryan Cornelius is convicted in a fraud case

   DIB was the principal complainant in a Dubai fraud case in which British property developer Ryan Cornelius was convicted and sentenced to ten years in prison.

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5. 2008Dar Al Sharia is established

   Dar Al Sharia was established as a Sharia legal and financial advisory firm associated with DIB.

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6. 2006Pakistani subsidiary is established

   DIB established a wholly owned subsidiary in Pakistan.

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7. 2000Bosna Bank International is established

   Bosna Bank International was established in Sarajevo, Bosnia and Herzegovina, and is identified as part of DIB’s international Islamic-banking interests.

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8. 1975Dubai Islamic Bank is founded

   Saeed bin Ahmed Lootah established DIB in Dubai to provide fully Sharia-compliant banking services.

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A large, specialized Islamic banking group combining Sharia-compliant retail and commercial banking with corporate finance, treasury, investment-related services and regional operations.

• Retail bankingBanking

  DIB’s retail franchise provides Sharia-compliant financial services to individual customers. The category includes personal accounts, consumer financing, payment services and related banking products, structured around Islamic contracts rather than conventional interest-bearing lending.

• Corporate and SME bankingCommercial banking

  Corporate and SME banking serves businesses with financing, deposits, cash-management, trade-related and other commercial services. DIB applies Islamic financing structures to business needs across smaller enterprises, larger companies and institutional customers.

• MurabahaIslamic finance

  Murabaha is a cost-plus sale structure in which the bank acquires or facilitates an asset and sells it to the customer at a disclosed cost plus an agreed profit margin, commonly with deferred or installment payment. It is used across several forms of Sharia-compliant financing.

• MusharakaIslamic finance

  Musharaka is a partnership-based arrangement in which the parties contribute capital or ownership interests and share outcomes according to agreed terms. It provides a Sharia-compliant alternative for selected financing and investment applications.

• IjarahIslamic finance

  Ijarah is a leasing structure in which the financier owns or acquires an asset and grants the customer use of it in exchange for rentals. It can support asset and property financing while maintaining the bank’s Islamic contractual framework.

• Trade finance and treasury servicesInstitutional banking

  DIB provides trade-finance and treasury-related services for commercial and institutional clients. These activities support cross-border commerce, liquidity management and financial-market needs within the bank’s Sharia governance and product framework.

• 2020Acquisition of Noor BankM&A

  Noor Bank was another UAE Islamic-banking institution, and its combination with DIB occurred as the domestic banking market was consolidating.

  What changed. DIB acquired Noor Bank in January 2020.

  Aftermath. The transaction expanded DIB’s UAE customer and asset base and reinforced its position as a leading Islamic bank in the country.

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• 2010Ryan Cornelius fraud caseControversy

  DIB was the principal complainant in a fraud case involving British property developer Ryan Cornelius. A Dubai court convicted Cornelius in 2010 and imposed a ten-year prison sentence. Later reporting discussed continued detention linked to reported liabilities exceeding US$400 million. The available reference material describes the case as involving alleged fraud against the bank and does not state that DIB was itself found guilty of misconduct.

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• 2025Dubai Islamic Bank appears in Forbes Middle East 2025 rankings

  Reference material states that DIB ranked 13th in Forbes Middle East’s 30 Most Valuable Banks 2025 list and 22nd in its Top 100 Listed Companies 2025 ranking.

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• 2024Dubai Islamic Bank reports 2024 revenue and assets

  Reference material reports approximately US$6.3 billion in revenue and approximately US$94 billion in total assets for 2024.

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• 2020Dubai Islamic Bank acquires Noor Bank

  DIB acquired Noor Bank in January 2020, consolidating two UAE Islamic-banking businesses and expanding DIB’s domestic scale.

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1. Dubai Islamic Bank
2. Dubai Islamic Bank official website