Dubai Islamic Bank enters Turkey; opens new representative office

The announcement took place during a special ceremony in Istanbul hosted by Turkey's Minister of State for Economy Ali Babacan and attended by Ghanim Al Ghaith, UAE ambassador in Turkey, Governor of Istanbul, top officials from DIB including Saad Abdul Razak, CEO of DIB, Arif Kooheji, Executive Vice President, Investment and Corporate Banking Group at DIB, as well as several businessmen and senior executives from Turkey.

Mr. Sultan Al Mansouri said: "Opening the DIB office here will further consolidate the bank's position as one of the leading financial organisations in the world. The inauguration of DIB's first representative office here builds on the historic ties that have existed for centuries between Turkey and the UAE."

Mr. Ali Babacan while stressing on the strong ties between Turkey and the UAE, said the new DIB office would pave the way for stronger economic partnership between the two countries. The new office will help DIB to access the Turkish market and benefit from the different investment opportunities available here."

The initiative sees DIB taking a further step towards its goal of establishing an international banking network and follows the launch of a 30-branch retail and commercial network of DIB Pakistan Ltd.

Speaking to high-level dignitaries and officials gathered at the Ciragan Palace, in Istanbul, Saad Abdul Razak, DIB Chief Executive Officer said: "DIB has been doing business in the Turkish market for more than a decade in various sectors such as manufacturing, construction, food, textiles, electronics and energy.

"The bank has significant experience in this market and has secured substantial financing deals with local and international companies in Turkey based on its wide range of financial services such as leasing, and pre-export funding arrangements."

Turkey offers one of the biggest and most mature economies receptive to banking and financial products that DIB has entered. The Turkish economy has grown significantly in recent years and has a huge potential, particularly if progress is made on its entry into the European Union.

The economy is now buoyant with GDP growth hovering around nine per cent -the world's highest growth rate - and inflation under control, having plunged from 68.5 per cent in 2001 to just 11.4 per cent last year.

With the Turkish government having passed new laws that pave the way for further privatisation in sectors such as energy, telecommunications, banking and industry, the potential and scope is huge for DIB's funding products. In addition the Government of Turkey has existing privatisation programmes to enforce competition and facilitate market entry of foreign private sector players in various sectors.