The bank's enormous expansion makes it one of the fastest growing banks in Pakistan.
Explaining DIBP's achievements more fully, Abdul Monem Bastaki, Head of the International Division of DIB, stated: "Pakistan's operations recorded growth of 152% in its total asset base, which stands at PKR21bn as of December 2007, and growth of 273% in deposits to Rs16.1bn. A network of 17 branches covering all the major cities of Pakistan now exists as well."
As part of its international strategy to promote world-class Islamic banking and to leverage the DIB brand name globally to enhance shareholder value, DIB selected Pakistan as one of its key destinations for expansion in fiscal year 2005, primarily driven by Pakistan's strong growth potential for Islamic banking.
Islamic banking remains one of the fastest growing segments in the banking industry. The size of Islamic banking grew by 11.7% during the last fiscal quarter against a contraction of 1.4% for the global banking industry as a whole. The share of Islamic banking has increased to 3.6% in the same period, up from 3.2% in the previous quarter.
Bastaki said: "We feel that it is a good time for DIB to divest a portion of its shareholding in DIBP either through listing or private placement to maximize shareholder value. We are currently evaluating different options in this regard, keeping in view the State Bank of Pakistan's regulations and our own licensing requirements."
The banking sector in particular has witnessed stellar performance on the Karachi Stock Exchange 100 Index, with current trading range of price to book value multiples of two to four times.
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Dubai Islamic Bank Pakistan's total assets reach Rs21bn, an expansion of 152%
- United Arab Emirates: Sunday, March 02 - 2008 at 15:30
- PRESS RELEASE
Dubai Islamic Bank Pakistan (DIBP), a wholly owned subsidiary of Dubai Islamic Bank PJSC (DIB), saw total assets under management reach Rs21 bn in value, growing more than 152% in the 2007 calendar year.
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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 shares are listed on the Dubai Financial Market.
The bank reported Dhs 2.51 bn in net profit for the year ended December 31, 2007, rising by 61 % compared to Dhs 1.56 bn for the year ended December 31, 2006. The bank recorded a total revenue of Dhs 7 bn for the year ended December 31, 2007, rising by 46 % compared to Dhs 4.8 bn for the year ended December 31, 2006. The profit for 2007, including depositors' profits, stood at Dhs 5.2 bn, an increase of 58 % compared to Dhs 3.3 bn for the year ended December 31, 2006. Total assets in 2007 reached to Dhs 84.3 bn, an increase of 31 % compared to Dhs 64.4 bn in 2006.
DIB recently announced the breaking of another world record by raising $3.52 bn sukuk for the Nakheel Group. This sukuk adopted a 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 $9bn (Dhs33bn), an unprecedented amount in the history of Islamic banking.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted 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 enhance its access to that market. DIB has acquired 60 % of Al Khartoum Bank and is among the parent banks of Emirates and Sudan Bank (ESB). These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
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Posted by Medilyn Manibo, Assistant News EditorSunday, March 02 - 2008 at 15:30 UAE local time (GMT+4)
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