Dubai Islamic Bank opens three new branches

Two of the new DIB branches are located in Dubai - in Nad Al Hamar and Emaar Business Park - bringing the bank's total network to 22 branches in the emirate.

The third branch is located in Al Hamra Mall, Ras Al Khaimah, expanding the DIB network to a total of four branches in Ras Al Khaimah.

The expansion of the bank's network is in line with its earlier announced strategy to open 10 new branches this year, targeting a total UAE-wide network of 64 branches by the end of 2009, which will contribute significantly to its projected annual balance sheet growth and will account for approximately 47% of the bank's revenue for 2009.

Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank, said:

"We are extremely pleased to announce the opening of three new branches in the UAE, underscoring the bank's commitment to meeting the growing needs of its customers across the country."

"While the bank will continue to provide innovative customer care solutions, including through its Electronic Banking channels and by enhancing its network of Al Islami Express Banking Centres, our focus this year is on increasing the number of bricks-and-mortar branches we operate," he said.

"By the end of this year, we forecast that the bank's total customer base will increase by approximately 15%, reaching some 900,000 customers, while our retail assets business will grow by approximately 20%. We will continue to expand our branch network to meet that demand," he added.

"The opening of new branches in Nad Al Hamar and Emaar Business Park makes banking with DIB easier and more convenient for customers who live and work in those thriving commercial and residential centres of Dubai," said Mr. Rashid Mahboob, Head of Branches Management, Dubai Islamic Bank. "We are especially pleased to note that the Nad Al Hamar branch also includes a ladies section."

He concluded, "We are equally happy to inaugurate our fourth branch in Ras Al Khaimah, which will offer our complete range of award-winning Sharia-compliant products and services to customers there."