Dubai Is­lamic Bank eyes to ex­pand its op­er­a­tions

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

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.

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