Dubai Islamic Bank (DIB) on Wednesday announced that its Annual General Meeting (AGM) has approved the distribution of a 12.5 per cent cash dividend for the year 2011, with the concurrence of the Central Bank of the UAE. During the AGM, the bank’s 2011 financial results were also approved. For the 12 months ending December 31, 2011, DIB reported a net profit of Dhs1.01 billion. In addition, the assembly reviewed the Fatwa and Sharia Supervisory Board Report, and reappointed Deloitte as the bank’s external auditors. Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “The strong financial results delivered by DIB in 2011 are testament to the bank’s proven business model, robust liquidity position and stable funding base. We are pleased to be able to share our success in 2011 with our shareholders, and look forward to their continued support in 2012 as DIB maintains its prudent focus on diversification and managed growth.” In 2011, DIB continued with its ambitious plans to expand its physical presence across the UAE, opening seven new branches, including the bank’s first stand-alone Al Islami Private Banking branch. DIB also expanded the alternative banking channels available to customers with the launch of its Express Banking Terminals, giving customers 24-hour access to a wide range of banking services usually only available in branch, online or through phone banking.