DUBAI. Apr 3: The biggest Islamic bank in the world boosted Its proffts by around 34 per cent in 1995 although It was hit by the collapse of the Bank of Credit and Commerce International. Its balance sheet showed yesterday, reports AFP.

Net profits by the Dubai Islamic Bank (DIB) stood at 282 million dirhams (76.8 million dollars) In 1995 compared with nearly 211 million dirhams (57.5 million dollars) in 1994. showed the sheet, which was approved late Mon day.

The profits included 40.5 million dirhams (11 million dollars) for shareholders and the rest for depositors.

Operating income, mostly from investment in Mamie institutions and financing projects. surged by 19.5 per cent to 457.3 million airhams (124.6 million dollars) The bank approved 10 per cent cash dividend for shareholders.

Around 87 million dirhams (23 7 million dollars) were set aside for reserves to make up for losses from the collapse of BCCI. which was controlled by Abu Dhabi emirate.

DIB had a deposit of nearly 315 million dirhams (85 8 million dollars) with BCCI. which was closed worldwide in July 1991 after allegations of massive fraud.

DIB has been asked by the United Arab Emirates (UAE) central bank to transfer part of its profits to provisions over a period of four years to offset the loss from its BCCI deposit With the latest transfer DIB has covered 92.5 per cent of that deposit, according to DIB sources