KARACHI - Dubai Islamic Bank (DIB) announced its financial results for the 12 months ending December 31, 2008, demonstrating continued strong growth in its core operations despite extremely challenging global financial conditions. A statement here on Monday said that the DIB reported AED 1.73 billion in net profit for 2008. These results were announced following a meeting of the Board of Directors of Dubai Islamic Bank, which has proposed a cash dividend of 25pc and bonus share of five per cent for the year 2008. It said that DIB's total assets as of December 31, 2008, stood at AED 84.6 billion, up slightly compared to AED 83.7b at the end of the same period in 2007. Financing activity registered strong growth during the period, with total financing assets reaching AED 52.7 billion in 2008 compared to AED 40.4 billion in 2007, an increase of 30 per cent. Customer deposits increased two per cent to reach AED 66.4 billion in the 12 months ending December 31, 2008, compared to AED 65 billion in 2007. The Bank has also maintained an extremely strongfinancing-to-deposit ratio of 79pc as of Dec 31, 2008, a clear indication of DIB's healthy liquidity position. DIB also reported a robust capital adequacy ratio of 12.2 per cent as of December 31, 2008. As part of its international expansion plans, Dubai Islamic Bank established its presence in Pakistan in March 2006 as a wholly owned subsidiary, Dubai Islamic Bank Pakistan Ltd (DIBPL). Presently DIBPL is operating in Pakistan through a network of 24 branches spread throughout the country, and attained an impressive balance sheet size of assets of over 30 billion rupees and liabilities of over 25 billion. DIB has been acknowledged by both local and international financial analysts for its product innovation and world class operating standards. In 2008, Dubai Islamic Bank continued to work with strategic partners to launch new entities and special purpose vehicles in areas such as investment, real estate development, advisory and private equity. DIB has a representative office in Turkey, a fully operating office in Iran and has obtained approval for establishment of an Islamic Bank in Syria. Additionally, Dubai Islamic Bank, Dubai International Capital and Jordan Dubai Capital are also set to acquire a controlling stake in Industrial Development Bank of Jordan. These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.