Dubai Bank was an

Islamic bank Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics ...

based in

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

UAE The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...

. The bank was launched in September 2002 and transformed into

Shari’a Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the Five Pillars of Islam, religious precepts of Islam and is based on the Islamic holy books, sacred scriptures o ...

-compliant financial institution with on 1 January 2007. Dubai Bank was part of the

Dubai Group Dubai Group is an Emirati investment company based in the United Arab Emirates, and a subsidiary of Dubai Holding. The company was founded in 2000 as the Investment Office, and was renamed Dubai Group in 2005. Through its companies, the group fo ...

, a Dubai Holdings company. On 1 December 2012 the bank was acquired by Emirates NDB.

History

The bank increased its capital to AED 1.50 Billion in 2007 and was on an expansion spree, and had total assets of AED 14.4 billion. The bank as of the end of 2007 had 15 branches spread across UAE and had more aggressive plans in 2008 including opening another 10 branches. As per the pre orders from the Ruler of Dubai on 11 October 2011,

Emirates NBD Emirates NBD Bank PJSC is Dubai's government-owned bank and is one of the largest banking groups in the Middle East in terms of assets. History and profile Emirates NBD was initially formed as National Bank of Dubai (NBD) on 19 June 1963 by the ...

was set to take over Dubai Bank. There were no financial details available.

References

External links

www.dubaibank.ae – Official website
Defunct banks of the United Arab Emirates Banks established in 2002 Banks disestablished in 2012 Companies based in Dubai Emirati companies established in 2002 {{Asia-bank-stub