The new office will offer a broad range of commercial real estate finance services and products such as Murabaha (Property Purchase Finance), Istisnaa (Construction Finance) and Musharaka (Cash Against Property Finance).
The Sharjah office is the second to open within four month following REF's first branch inauguration at the Dubai Land Department. The office will service DIB customers in Sharjah and the Northern Emirates.
Commenting on the announcement, Habib Bitar, Vice President and Head of Real Estate Finance, DIB, said: "The inauguration of the new office comes in line with DIB's strategy to expand and reach out customers across the country. We have realized the potential market that exists in the UAE's real estate finance sector, and are focused on servicing our existing and potential customers in Sharjah and the Northern Emirates."
He concluded: "Sharjah and Northern Emirates are a big market for commercial Real Estate finance and the opening of the new office in Sharjah is a move to offer our existing large customer base and potential clients the convenience of conducting business."
The new office will open from 8:00am to 4:00pm Sunday to Thursday.
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Dubai Islamic Bank opens new Real Estate Finance Office in Sharjah
- United Arab Emirates: Wednesday, February 28 - 2007 at 15:17
- PRESS RELEASE
Dubai Islamic Bank's (DIB) Real Estate Finance (REF) Department announced today the opening of a new office in Sharjah.
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About Dubai Islamic BankDubai 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 reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47% compared to AED1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at AED 3.3 billion, an increase of 65% compared to AED 2 billion for the year ended December 31, 2005. Total assets in 2006 reached to AED 64.5 billion reporting an increase of 50% compared to AED 43 billion in 2005.
Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at AED 38.8 billion, an increase of 28% over last year. Customer deposits also showed an aggressive growth of 43% over last year reaching AED47.7 billion in 2006.
DIB has recently announced the breaking of another world record by raising US$3.52 billion Sukuk for the Nakheel Group. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history. The Nakheel Sukuk brings the total Sukuk raised by DIB in the UAE to more than US$9 billion (AED33 billion), an unprecedented amount in the history of Islamic Banking.
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. 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.
For further information, please contact:
Nicholas Nesson / Bakul Gala / Tarek Fleihan
Mobile: (+97150) 4785324 / 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
Posted by Lara Lynn Golden, News EditorWednesday, February 28 - 2007 at 15:17 UAE local time (GMT+4)
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This article was updated on Mon Jun 18 2007.
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