Dubai, January 31, 2009: Dubai Islamic Bank Dubai Islamic Bank has been appointed as an official escrow account agent by the Ras Al Khaimah Government through Ras Al Khaimah Investment Authority (RAKIA) Ras Al Khaimah Investment Authority (RAKIA) .

The agreement was signed recently by Mohammed Al Sharif, Chief Of Finance, Dubai Islamic Bank Dubai Islamic Bank and the Chief Executive Officer of Ras Al Khaimah Investment Authority Ras Al Khaimah Investment Authority at a ceremony held in Rakeen, the real estate development arm of the Ras Al Khaimah Government.

Under the Amiri Decree No. 22 of 2008 for the creation of the Guarantee Accounts, promulgated in July 2008, property developers in Ras Al Khaimah must place project receivables in escrow, or trust, until predetermined milestones are achieved.

The Chief Executive Officer of Ras Al Khaimah Investment Authority Ras Al Khaimah Investment Authority said: "We are pleased to appoint Dubai Islamic Bank Dubai Islamic Bank as an official escrow account agent for projects in RAK. As a leading escrow provider in the UAE, DIB DIB has a proven track record of well-managed trust accounts. We are confident that both property investors and developers will benefit immensely from DIB DIB 's vast experience and expertise."

The escrow accounts are regulated by RAKIA RAKIA and developers wishing to sell offp-lan units in real estate development projects in the emirate must apply to RAKIA RAKIA for approval to open escrow accounts.

Mohamed Al Sharif said: "This agreement with the RAKIA RAKIA is reflective of the RAK government's confidence in the services of DIB DIB . Over the past few years, we have worked closely with developers on projects of various scale and designed for a variety of end users. During this period, we have established efficient processes and systems, which enable us to work smoothly with the escrow structure."

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About Dubai Islamic Bank Dubai Islamic Bank : Dubai Islamic Bank Dubai Islamic Bank ( DIB DIB ), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

The bank reported AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.

DIB DIB set a world record by raising a US$3.52 billion Sukuk for the Nakheel Group. This Sukuk adopted an innovative structure never used before in Islamic or conventional banking history.

The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB DIB Pakistan Limited, a wholly owned subsidiary of DIB DIB . DIB DIB opened its first representative office in Turkey to enhance its access to that market. DIB DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB DIB 's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.

DIB DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE's Best Islamic Bank. DIB DIB has also received many awards from international organizations, such as the prestigious "Bank of the Year - UAE" award from The Banker magazine and additional accolades from Euromoney.

For further information, please contact: Nicholas Nesson / Ghaleb Zeidan ASDA'A Burson-Marsteller Dubai, UAE Tel: 971-4-3355969 Fax: 971-4-3356080 E-mail: n.nesson@asdaa.com / g.zeidan@asdaa.com

© Press Release 2009 omar 1.1:zy