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Friday, January 30, 2009

DIB moves to improve corporate governance

by Rebecca Bundhun

Dubai Islamic Bank (DIB) has signed a "founding member" sponsorship agreement with corporate governance organisation the Hawkamah Institute, the bank announced on Thursday.

DIB said that the move shows its commitment towards strengthening its corporate governance standards.

“The Shariah Supervisory Board has become an indispensable aspect of our corporate governance and will be well paired with the objectives of Hawkamah, which aims to ensure these standards are being met to better protect all those associated with the bank,” said Abdulla Hamli, DIB’s chief executive officer.

Many experts have long called for increased regulation and transparency of Islamic banks, which are still relatively new to the market.
“Corporate governance plays a critical role in the development of modern businesses as it enhances investor confidence and helps in developing the capital markets of the region,” said Nasser Saidi, executive director of Hawkamah, said

“Islamic finance has experienced unprecedented growth so far, but the enactment and implementation of well defined corporate governance structures is essential if trust and confidence is to be maintained.”

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