Mohammed Amiri, Senior Vice President, Head of Branches and Distribution Network, DIB, said: "This will be the first DIB branch to be opened in the headquarters of Dubai Industrial City. The branch will offer a range of services, including opening current, saving, and investment deposit accounts, electronic banking services, Murabaha, project financing services and many other products."
Amiri added: "The inauguration of the new office comes in line with DIB's strategy to expand and reach out customers across the country. We see clearly the potential market that exists in the UAE's industrial sector, and will focus on servicing our existing and potential customers in Dubai Industrial City and across the country."
He concluded: "DIB has been continuously working towards implementing best practices, offering advanced banking services and investing in product development. It is also worth noting that all the staff in the new branch will be UAE Nationals, which demonstrates our commitment to Emiratisation."
Rashed Al Ansari, Chief Executive Officer of Dubai Industrial City, which operates under the umbrella of Tatweer, stated that the signing of the agreement with DIB is another milestone in the growth of the services at the city.
"DIB is an ideal partner that will ensure the provision of the entire range of financial service for our tenants and investors, and their presence will facilitate financial transactions across the city," he said.
Al Ansari pointed out that the new setup will complement and support other services being offered by the city for investors to help support their businesses at DI, such as the establishment of logistical services, amenities and public facilities as well government relations.
"We are working on various fronts to secure the provision of comprehensive and advanced services for our tenants and investors. We will announce more services in the near future based on our belief that they will all benefit investors and contribute to the growth and expansion of our city," Al Ansari said.
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Dubai Islamic Bank to open branch in Dubai Industrial City
- United Arab Emirates: Monday, June 04 - 2007 at 13:06
- PRESS RELEASE
Dubai Islamic Bank (DIB) announced today that it will open a branch at Dubai Industrial City (DI) following the signing of an agreement that will allow the bank to provide a full range of financial services to investors at Dubai's leading industrial hub.
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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.
About Dubai Industrial City
Dubai Industrial City (DI), a member of Tatweer, was set up on 560 million sq ft of prime land, with the aim of catalysing the growth and expansion of the industrial sector in the United Arab Emirates - especially in high value added manufacturing and production in the sectors of Machinery & Mechanical equipment, Transport Equipment and parts, Base Metal, Chemicals, Food and Beverage and Mineral Products.
Dubai Industrial City, provides one of the region's finest business environments and is a one-stop facility for industry and related sectors such as logistics, assembly and warehousing, vocational training and staff accomodation. DI City's strategic location near (Dubai World Central) the new Jebel Ali Airport City, the Jebel Ali Free Zone and Port; trans-Emirates highways, including Sheikh Zayed Road and Emirates Road near the border with Abu Dhabi provides easy and convenient access to global transportation points via road, air and sea.
For further information, please contact:
Nicholas Nesson / Tarek Fleihan
Mobile: (+97150) 4785324 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, June 04 - 2007 at 13:06 UAE local time (GMT+4)
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