KARACHI (APP) - The Dubai Islamic Bank (DIB) has announced 25 per cent cash dividend, five per cent bonus shares. An announcement here on Friday said that approval to this effect was given at the DIB Annual General Meeting. It said that following the conclusion of its Annual General Meeting (AGM), held in Dubai, the DIB announced that the assembly has approved the distribution of a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008. During the AGM, the Bank's 2008 financial results were also approved and the DIB reported AED 1.73 billion in net profit for the 12 months ending December 31, 2008, demonstrating continued strong growth in its core operations despite extremely challenging global financial conditions. In addition, the assembly reviewed the Director's Report and Annual Report of the Fatwa and Sharia Supervisory Board. "As one of the UAE's top five banks and the world's third largest Sharia-compliant bank, Dubai Islamic Bank continues to set new standards for excellence at home and across the globe," said Mohammed Ibrahim Al Shaibani, Director-General of the Ruler's Court of Dubai and Chairman of Dubai Islamic Bank. "We are very pleased to present 2008 financial results to our shareholders, and to be able to provide them with a generous share of the bank's success. We look forward to their continued support in 2009 and in the years to come", he added. In Pakistan, DIB Pakistan is running profitable operations since the last quarter of 2008. The bank achieved 58% growth in deposits and 59% in financing during 2008, closing the year at an asset base of over Rs. 30 billion, deposits of over Rs. 25 billion and a network of 25 strategically placed branches, serving a base of over 40,000 customers. DIB will continue to build upon its many achievements in 2008, including the launch of its legal subsidiary, Dar Al Sharia Legal and Financial Consultancy LLC; a new joint venture with Jordan Dubai Capital and Dubai International Capital, via a strategic investment in Industrial Development Bank, which is to be converted into "Jordan Dubai Islamic Bank". By the end of this year, the bank expects to record a 15 per cent increase in its customer base, reaching some 900,000 customers, while the bank's retail assets business will grow by approximately 20pc.