Dubai Islamic Bank’s deposit exceeds Rs 3.1Bln in Pakistan
Pakistan Times Business & Commerce Desk

KARACHI: The pioneer in Islamic banking, Dubai Islamic Bank’s core deposit base has exceeded Rs 3.1 billion within its first few months in Pakistan.

The Bank aims to expand its existing network in the country while facilitating lucrative investments for various projects. This was shared by the management of Dubai Islamic Bank at a press conference here Tuesday.

Sharing the Bank’s operational plans, Saad Zaman, CEO Dubai Islamic Bank Pakistan said, “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 provide 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.”

“Dubai Islamic Bank takes pride in having fulfilled its initial commitment of marking US $ 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 Pakistan and Zafar Masud, Business Manager Corporate and Investment Banking responded to media queries on the occasion while also elaborating on the specifics of the Bank’s operations in Pakistan.

It was pointed out that the Bank commenced operations in Pakistan in March, 2006. Within the first nine months, Dubai Islamic Bank has setup nine branches in six major cities - Karachi, Lahore, Rawalpindi, Islamabad, Faisalabad and Peshawar and is managing an average of 2,000 accounts at each branch.

Additionally, Dubai Islamic Bank is working closely with the Ministry of Finance, State Bank of Pakistan, and the Securities and Exchange Commission of Pakistan in developing and promoting Islamic Capital Market products in the country.

The Bank is a 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, it was further pointed out.●