Dubai Islamic Bank eyes to expand its operations
The management of Dubai Islamic Bank has decided to aggressively enhance its operations in local and global markets specifically targeting domestic customers and overseas markets with its facilitative products. "Our plans for the next five year include further branch footprint expansion across Pakistan to become a key player in the industry in line with our global expansion strategy. We will continue developing further new niche-market products and services best suited for the Pakistani market," says a C-level executive.
The bank's management set a target to establish 250 branches but it also establish its network up to 242 including conversion of 10 branchless banking booths to conventional branches.
DIB is keen to provide not just Islamic products but offer its customers a distinctively unique range of Islamic banking financial solutions second to none. "In this endeavour, we will undertake more marketing campaigns to reflect upon the virtues of Shariah-compliant products and solutions that serve genuine needs of the economy and finance. The bank is going to introduce revolutionary and unique propositions like Foree Paisa - First Islamic domestic money transfer service, Business Account - one of a kind bank account for retail shopkeepers and traders, Western Union Tele-Transfer - Telephone remittance services via Interbank fund transfer, Consumer durable finance variants and personal finance - Pakistan's first Islamic personal finance facility.
DIB Pakistan has established a NonResident Pakistan (NRP) Help Desk in DIB Dubai branch to facilitate millions of Pakistani expats living in Dubai and the UAE. "We plan to open further Help Desks at DIB global branches to enable NRPs to avail Pakistan based banking services including priority banking with Visa Debit Card, auto finance, home finance, free home remittance, Internet banking with Interbank fund transfers and BancaTakaful from their foreign soil with convenience," he explained.
Developing sukuk industry, DIB Pakistan has been playing an instrumental role in developing sukuk market in the country by offering financing and advisory services to investors and the govern- ment institutions.
The bank takes on the role of both an investor and a facilitator to serve as a catalyst for further foreign direct investment (FDI) in the country. "Pakistan exchequer has benefitted from over $130 million of FDI from DIB Pakistan alone. In addition, the bank continues working closely with a number of UAE-based large business corporations in identifying opportunities and channeling FDI flows into the country."
He said the bank has also been actively involved in bringing global brands to Pakistan and is honored to act as the sole financial adviser for various global franchises operating in Pakistan. DIB was one of the lead managers in the last 2014 Pakistan government's foreign currency sukuk worth $1 billion. It is also one of the lead managers in Pakistan government's first sovereign sukuk deal worth $600 million in 2005.
The bank continues to play an active role in developing the market of Islamic commercial paper in Pakistan by participating in all major sovereign sukuk issue from the government of Pakistan as well as sukuk issue from the private sector," he said. The bank deposits base crossed to $100 billion in 2015 which is likely to increase in coming months.