Dubai Bank was an Islamic bank based in Dubai, UAE. Launched in September 2002, the Bank became a Shari’a-compliant financial institution with a focus on the UAE’s Islamic banking sector on 1 January 2007. Dubai Bank is part of the Dubai Group, a Dubai Holdings company.
The bank increased its capital to AED 1.50 Billion in 2007 and is on an expansion spree, and as of March 2008 has total assets of AED 14.4 billion. The bank as of the end of 2007 has 15 branches spread across UAE and has more aggressive plans in 2008 including opening another 10 branches.
Fitch Ratings has recently assigned Dubai Bank Long-term Issuer Default rating (IDR) 'A' with a Stable Outlook, Short-term IDR 'F1', Support rating '1' and Support Rating Floor 'A'.
News came on 11 October 2011 states that EmiratesNBD is all set to take over Dubai Bank as per orders from the Ruler of Dubai. Financial details are not available yet.
29 November 2012 was the last day for Dubai Bank to work as Dubai Bank. On 1 December 2012 Dubai Bank ceases to exist and everything is under Emirates Islamic Bank.