Dubai Bank
TypePublic
IndustryIslamic banking and finance
FoundedSeptember 2002
Defunct1 December 2012
FateAcquired by Emirates Islamic Bank
HeadquartersDubai, UAE
Websitewww.dubaibank.ae

Dubai Bank was an Islamic bank based in Dubai, UAE. The bank was launched in September 2002 and transformed into Shari’a-compliant financial institution with on 1 January 2007. Dubai Bank was part of the Dubai Group, a Dubai Holdings company. On 1 December 2012 the bank was acquired by Emirates Islamic Bank.[1]

History

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

As per the pre orders from the Ruler of Dubai on 11 October 2011, Emirates NBD was set to take over Dubai Bank. There were no financial details available.[2]

References

  1. ^ "Dubai Bank PJSC: Private Company Information – Businessweek". Bloomberg L.P. 30 November 2012. Retrieved 22 April 2016.
  2. ^ "Emirates NBD takes over Dubai Bank". GulfNews.com. 11 October 2011. Retrieved 22 April 2016.