Dubai Islamic Bank (DIB), the UAE's largest Islamic lender by assets, has appointed Fadhel Abdulbaqi Al Ali as the new chairman of its board of directors, effective September 30. The move follows the departure of Mohammed Ibrahim Al Shaibani, who stepped down on September 20 for personal reasons.
Al Ali brings more than three decades of experience across corporate governance, banking, investment, real estate and hospitality. He currently chairs the Dubai Financial Services Authority and Majid Al Futtaim Capital, while also sitting on the board of Commercial International Bank of Egypt and serving on the UAE's Higher Committee for the Development of the Economic and Financial Sector as well as the Financial Stability Council. He previously served as chief executive of Dubai Holding and as deputy group chief executive and group chief operating officer at First Abu Dhabi Bank.
In a statement, DIB's board said Al Ali's leadership experience and track record in institutional stewardship would support the bank as it works to strengthen its position among the world's leading Islamic financial institutions.
Founded in 1975, Dubai Islamic Bank holds assets exceeding $115 billion and a market capitalisation of more than $18 billion. The lender employs around 12,000 staff across more than 540 branches spanning the Middle East, Asia and Africa, serving over 11 million customers.
The leadership change at one of the UAE's most prominent financial institutions comes at a moment when Dubai's Islamic banking sector continues to hold a leading position in regional markets, with analysts and investors closely watching how the new chairmanship shapes the bank's strategic direction in the months ahead.