The shareholders of Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender by assets, approved Dh1.8 billion ($490 million) in dividend payments for 2021 following the bank's strong performance last year amid the country’s economic recovery from the Covid-19 pandemic.
The total dividend payments approved by DIB shareholders during the annual general meeting amount to 25 per cent of the lender’s paid-up capital, the bank said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded.
“Today, having successfully navigated through the pandemic and its economic hangover, DIB is perfectly set on a course to deliver strength, scale and resilience for the long term, aligning DIB with the UAE’s business and economic recovery plan, and leaving it positioned for sustained, responsible growth that creates value for our customers, the communities we serve and our shareholders,” said Mohammed Al Shaibani, chairman of DIB.
DIB's net profit jumped 33 per cent in 2021 to more than Dh4.39bn as impairment charges during the period fell 46 per cent to Dh2.44bn while income from investment properties more than doubled to Dh224.6m.
“Looking into 2022, the bank’s strategic direction is perfectly aligned with that of the UAE,” the lender said. “DIB’s newly unveiled five-year strategy is set out to strengthen and grow the group’s business, building on the progress made in 2021 to transition DIB into a more sustainable business model that generates stronger returns for its shareholders.”
The UAE's economy continued to recover from the pandemic-induced slowdown on the back of government initiatives, higher oil prices and an accelerated vaccination programme. The Arab world's second-largest economy is forecast to grow by between 4 per cent and 4.5 per cent cent this year, according to Emirates NBD.
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Pakistan: 177 & 294
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Series: South Africa lead three-match series 2-0
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Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
Tomorrow 2021
Tomorrow 2021
Tomorrow 2021
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