Dubai Islamic Bank launches DIB ‘alt’, consolidates digital offerings

Image: Dubai Islamic Bank

Dubai Islamic Bank has launched DIB alt, a full-fledged digital umbrella brand, bringing together the bank’s digital offerings and capabilities under one platform.

DIB alt is a comprehensive digital banking solution that integrates the bank’s range of digital offerings and capabilities, enabling customers to have a seamless banking experience.

The platform brings together more than 135 digital services via the DIB Mobile App, online banking, WhatsApp, and ATMs.

Dib alt marks the bank’s commitment to digital transformation

This one-stop-shop for all banking needs enables customers to open a bank account in minutes, apply for personal finance or credit cards, remit money locally or internationally, making payments, among other services

It is designed to simplify banking processes and enhance convenience for customers across various touchpoints.

Dr Adnan Chilwan, group CEO of DIB, “To remain digitally intelligent in today’s rapidly evolving world where technology is transforming industries and customer expectations are on the rise, a similar revolution is needed in the financial ecosystem to stay relevant.

“That is where DIB alt comes in – a simplified banking experience consolidating all digital capabilities of DIB under one umbrella brand. So, what does that mean for our customers? Going forward, all channels that are digitally enabled and products and services that are digitally fulfilled will fall within DIB alt.

“DIB ‘alt’ embodies a transformative leap towards digitalisation, strongly supported by our customer-centric approach whilst aligning with the UAE’s vision for an advanced digital landscape. With DIB ‘alt’, we introduce a new era of banking that prioritises the needs of our customers.”

In recent news, DIB said its first-quarter net profit jumped 12 per cent year-on-year (YoY) to $410m (Dhs1.51bn) from Dhs1.34bn, driven by higher revenues and effective cost management measures.

DIB’s total income soared to Dhs4.4bn during the quarter, up 47 per cent from Dhs3.02bn the same period a year earlier, thanks to strong income from financing assets.

The banking group’s net operating revenue grew by 12 per cent YoY to reach Dhs2.76bn compared to Dhs2.47bn in the first of 2022 while operating profit stood at Dhs2.01bn a solid 14 per cent YoY increase compared to Dhs1.77bn in Q1 2022.

DIB’s balance sheet expanded by 1.3 per cent year-to-date (YTD) to Dhs292bn while customer deposits settled at Dhs198bn with CASA comprising 40 per cent of the bank’s deposit base.