Mohammad Al Ameery, Senior Vice President and Head of Branches and Distribution Network - DIB, said: "2006 has been a phenomenal year for DIB with our branch network expanding to 38 from 26 branchs in 2005. The latest two branches in Sharjah and Al Ain will continue DIB's tradition of providing world-class services to our valued customers. The step is in line with DIB's strategy to enhance the distribution channels across the country."
He added: "DIB is planning to launch 14 additional branches in 2007 which will take our total network to 52 branches across the UAE for the first time. These branches will offer a range of services including opening current, saving, and investment deposit accounts, Murabaha, project financing services and many other products."
"DIB has been continuously working towards implementing best practices, offering advanced banking services and heavily investing in product development. Besides, all the staff in the 2 new branches will be UAE Nationals, demonstrating DIB's commitment to Emiratisation," he concluded.
Salah Hassan Mohamad has been appointed manager of the Al Hamriya free zone branch. Mr. Mohamad has deep experience in banking spanning over 17 years during which he has held various senior positions within DIB.
Saeed Oubaid Al Mokbali will head Al Yahar Branch. His appointment as the branch manager will ensure that the branch makes rapid strides and offers cutting-edge products and services.
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Dubai Islamic Bank launches 2 new branches in Sharjah and Al Ain
- United Arab Emirates: Wednesday, January 10 - 2007 at 11:14
- PRESS RELEASE
Dubai Islamic Bank (DIB) announced the opening of two new branches in AL Hamriya Free Zone in Sharjah and Al Yahar in Al Ain, raising its branch network to 38 across the country.
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About DIB:Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank's recent financial results confirm the strength of its balance sheet and profitability. The bank reported net profit for the year ending 31st December 2005 of AED1.061 billion rising by 130 per cent compared to AED461 million in 2004. The profit for the bank, including depositors' profits, reported a 97 per cent increase for the year ending December 2005 at AED2 billion compared to AED1.017 million for 2004.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.
DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB). The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects including the Dubai Ports, Customs & Free Zone Corporation (PCFC) $3.5 billion Sukuk, the world's largest, and Dubai's Department of Civil Aviation US$1 billion Islamic bond issue. The issue was arranged to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.
For further information, please contact:
Bakul Gala / Tarek Fleihan
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Posted by Lara Lynn Golden, News EditorWednesday, January 10 - 2007 at 11:14 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Mon Jan 15 2007.
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