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33 local & international banks participate in Trade Finance Manager's meeting hosted by DIB

  • United Arab Emirates: Tuesday, May 16 - 2006 at 13:43
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Dubai Islamic Bank (DIB), hosted the monthly meeting of the Trade Finance Managers at Le Meridian Hotel, Dubai.

In all 33 local and international banks participated in this forum which has become a networking platform for most bankers in Dubai.

As a special gesture DIB invited Mr. Vincent O' Brien, an internationally reputed facilitator and member of ICC Banking commission, to be the guest speaker and to share his views on current International rules, regulations and practices governing trade transactions.

The Trade Finance Managers meet is a monthly event that brings forum members together with the aim of discussing and sharing issues about common interests within the banking circle specifically for trade, concurrence on how to comply with the local market practices, and the implementation of new local and International rules and regulations.

Mr. Mohammed Nasr Ullah, Head of Central Operations, DIB said:

"We are very pleased to host the meeting of Trade Finance Managers as DIB believes in the ethos of reskilling, exchanging of views on international best practices and also providing networking opportunities to the banking fraternity."


"Banking is a dynamic industry and with the diversity of trade operations in our markets, it has become imperative for all concerned parties to meet and share their experiences to provide better and more efficient services in this sector," he added.

Another guest speaker present on the occasion was Mr. Sohail Zubairi, Head of Sharia Coordination Dept, Dubai Islamic Bank, who shared his views on the growing influence & popularity of the Islamic banking in the recent arena.

He highlighted the radical difference of Islamic banking, emanated out of Sharia principles, as opposed to the conventional banking and also contributed towards arguments & debate on Sharia compliant solutions for core trade products.

Apart from the guest speaker, the Trade Finance Managers meeting also comprised of a panel of speakers. Mr. Khalil Ghori, Head of Trade, Dubai Islamic Bank, Mr. Nasr Ullah, Head of Central Operations, Dubai Islamic Bank, Mr. Sohail Zubairi, Head of Sharia Coordination Dept, Dubai Islamic Bank, and Mr. Zahoor N. Dattu, Head of Trade, Abu Dhabi Commercial Bank also shared their views on trade practices in the GCC market.
Mr. Vincent O' Brien, facilitator and member of ICC Banking commission during the Trade Finance Manager's Meeting. 
Mr. Vincent O' Brien, facilitator and member of ICC Banking commission during the Trade Finance Manager's Meeting.
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Notes and Media Contacts »

For further information, please contact:
Tim Harrison / Bakul Gala / Tarek Fleihan
Mobile: 5097631 / 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556

About DIB:

Dubai 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 enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

The bank's recent financial results confirm the strength of its balance sheet and profitability. The bank reported net profit for the year ending 31st December 2005 of AED1.061 billion rising by 130 per cent compared to AED461 million in 2004. The profit for the bank, including depositors' profits, reported a 97 per cent increase for the year ending December 2005 at AED2 billion compared to AED1.017 million for 2004.

Financing and investment operations also delivered strong growth, with total financing now standing at AED25.6 billion rising by 46 per cent compared to 2004. Total assets reported a 40 per cent increase to AED43 billion. Customer deposits too showed an aggressive growth, reaching AED33.34 billion in the year, a growth of 34 per cent over 2005.

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. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.

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.

DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects including the Dubai Ports, Customs & Free Zone Corporation (PCFC) $3.5 billion Sukuk, the world's largest, and Dubai's Department of Civil Aviation US$1 billion Islamic bond issue. The issue was arranged to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.

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