DUBAI ISLAMIC BANK: PLAYED AS PAK AMBASSADOR IN ME
Instrumental in attracting investment in Pakistan
Dec 25 - 31, 2006
Playing the role of an ambassador of Pakistan, Dubai Islamic Bank has successfully projected Pakistan as a place of doing business thus contributing significantly in the economy of Pakistan by attracting investment in different areas especially from UAE.
Being a trusted financial player in UAE and having its operations in Pakistan as well, our recommendations to the UAE investors carry weight and as a result of our endeavors, many leading investors have already arrived and more are in the pipeline. He especially mentioned the role of Dubai Islamic Bank in facilitating the deal of PTCL with Etislat.
Saad Zaman, CEO Dubai Islamic Bank Pakistan, highlighted the performance of DIB in Pakistan at a recently held press briefing. Flanked by Deputy CEO M.A. Mannan and Business Manager Corporate & Investment Banking Zafar Masud, Saad observed in a firm tone that this new entity in Pakistan's banking system was here to stay with the prime objective to serve this country through quality products second to none in the banking sector but in Islamic way.
Replying to a question regarding high spread of the conventional banks in Pakistan, Saad agreed and pointed that this has already been noticed by the State Bank of Pakistan and that is the difference between Islamic Banking and the conventional banking system.
MA Mannan, Dy. CEO who was also present on the occasion added that It is one of the characteristics of then Islamic Banking that it refrains from exploitation of the customers and whatever the additional benefits earned by the bank are duly passed on to the customers, hence the Islamic Banking offers a win win situation both for the banks as well as the customers.
When asked to comment over on-going process of acquisitions, mergers and consolidation in the banking sector of Pakistan, Saad was of the view that it is a healthy sign and in a way the international financial players have reposed their confidence in the economic policies and strong economic fundamentals. "Yes it is a positive sign", he remarked.
The pioneer in Islamic Banking, the core deposit base of Dubai Islamic Bank has exceeded Rs3.1 billion within its first few months operations in Pakistan.
The bank aims to expand its existing network in the country while facilitating lucrative investment for various projects. The management of DIB at a Press Briefing shared this last week.
Outlining the operations, Saad Zaman, CEO Dubai Islamic Bank Pakistan observed, ì in the coming three to five years, Dubai Islamic Bank plans to have an extensive network of branches spread in all major cities of Pakistan. These branches will be providing customers a full spectrum of corporate, cash management, treasury, investment and consumer banking services, which will be in line with the bank's ideology of providing world class banking, the Islamic way". Saad was previously the MD of Citi Islamic Investment Bank. With a diversified team in London and Bahrain, Saad positioned CIIB at the forefront of Islamic Finance, with transactions in excess to $6billion.
Dubai Islamic Bank takes pride in having fulfilled its initiated commitment of marking $100 million investment for its Pakistan operations. In future, Dubai Islamic Bank will be playing an important role in the economic development of Pakistan by bringing more investment opportunities to the country", Saad added.
M. A Mannan, Deputy CEO Dubai Islamic Bank and Zafar Masud, Business manager Corporate and Investment Banking responded to media queries at the occasion while elaborating on the specifics of the bank's operations in Pakistan. Mannan joined DIB from UBL where he was the Group Executive and DCEO. Prior to joining UBL, Mannan was with Citigroup where he worked in various senior positions including SVP of the cross-sell Division based out of New York.
The bank commenced its operations in Pakistan in March 2006. With the first nine months, Dubai Bank has set up nine branches in six major cities including Karachi, Lahore, Rawalpindi, Islamabad, Faisalabad and Peshawar and is managing an average of 2000 accounts at each branch.
Additionally, Dubai Islamic is working closely with the Ministry of Finance, State bank of Pakistan and the Securities and Exchange Commission of Pakistan in development and promoting Islamic Capital market products in Pakistan.
Dubai Islamic Bank Pakistan is a wholly owned subsidiary of the Dubai Islamic Group headquartered in UAE. The group has maintained its status quo as the undisputed market leader in Islamic financing since its inception in 1975.
The DIB Group is well recognized for setting high standards of excellence through innovative product development, landmark transactions and strict Shariah compliance and has received several awards and accolades including Best Islamic bank in the Middle East 2006 by both Euromoney's Islamic Finance Weekly and Gulf Wealth Forum. Dubai Islamic bank has embarked on an ambitious global expansion plan setting up operations in Africa, Middle East, South Asia and Turkey.