[edit] Dubai Islamic Bank Pakistan (DIB Pakistan) website appears to be www.dibpak.com. I'd be surprised if it wasn't (it seems far too elaborate to be some sort of deception) but it would be nice to see a website with a .pk extension, or confirmation on the main DIB UAE website (www.dib.ae or www.alislami.ae), or confirmation on the Pakistan Central Bank website (www.sbp.org.pk). (June 2008 update) [/edit]
How appropriate that I'm looking for DIB Pakistan information on the day of the first anniversary of the opening of DIB Karachi - their first branch in Pakistan .
List of DIB branches in Pakistan is (with location details that I could find on the web - as of March 2007 there are apparently 9 branches open in 6 cities). See below for additional branches (up to 17 by November 2007).
Faisalabad (open June 2006)
Islamabad (open June 2006)
Karachi (open March 2006) - Karim Chambers, CL-5, 6/2, Civil Lines, Tel +92-21-5205354, Fax +92-21-5694558 or ...
... Avari Towers Hotel Complex Fatimah Jinnah Road, Karachi 75530, Tel +92-21-5631950-52
Lahore (open June 2006) - 55 Circular Road, Tel +92-42-7642134/7642133, Fax +92-42-7667302 and/or...
... PECO Road branch (open?)
Peshawar
Rawalpindi (open June 2006) - Rahmanabad branch (open?)
Also found this information (was valid April 2006)
Who wrote this:
Mr M A Mannan
Deputy CEO & Country Business Manager (Consumer Banking Group)
Dubai Islamic Bank Pakistan Ltd
And CEO as of December 2006 was Saad Zaman.
This press release (from 2005) only talks about the establishment of DIB Pakistan Ltd, not actually branches of Dubai Islamic Bank in Pakistan. I can't find more details on DIB's own website at alislami.ae (alislami.co.ae gives me a DNS error).
No website for DIB Pakistan Ltd found, try Pakistan Central Bank website (www.sbp.org.pk) - DIB Pakistan Ltd website not listed when checked Mar 2007. [edit] Still no site listed, or found, Feb 2008. Checked dib.com.pk, dibp.com.pk, dibpl.com.pk, alislami.com.pk. And according to the Pakistan Central Bank Nov 2007 report, is the only Islamic bank in Pakistan not to have a website.[/edit]
[edit] Total of 17 Dubai Islamic Bank branches in Pakistan by November 2007 according to Pakistan Central Bank report. [/edit]
Islamabad - 1 Dubai Islamic Bank Pakistan branch
Roshan Centre, Jinnah Avenue, Blue Area, Islamabad
Dubai Islamic Bank announces a fully scheduled Islamic Bank in Pakistan
A Dubai Islamic Bank (DIB) delegation led by Dr. Mohamed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and Chairman of DIB, announced yesterday the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB, at a ceremony hosted by Pakistan Prime Minister Shaukat Aziz in the capital city of Islamabad.
The announcement marks a first step in the bank's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan. The move will consolidate DIB's position as one of the leading Islamic finance organisations in the world and pave the way for its strategic deployment in Pakistan.
On the occasion, Mr. Aziz welcomed the delegation and stressed that the visit reflects the strong economic ties between Pakistan and UAE. He said that the step would also pave the way for enhancing the economic ties between both countries in the future. He said: 'DIB's primary experience in Islamic banking would be an added value to boost the financial and banking services in the Pakistani market.'
Dr. Khirbash said: 'DIB's new partnership is the result of the historic and age-old ties between Pakistan and the UAE. This means far more to us than just a commercial agreement.'
State Bank of Pakistan (SBP) Governor Dr Ishrat Hussain also welcomed the initiative at the announcement which is the first step in DIB's deployment of an Islamic bank in Pakistan to target corporate, retail, commercial and SME business segments and investment banking opportunities.
The bank would also introduce Shari'a compliant home mortgage financing, real estate development financing, and other innovative financing schemes using high level technology.
SBP has granted an in-principle approval to DIB Pakistan, which is expected to lead off operations with a range of Islamic banking activities and an extensive portfolio of Shari'a-compliant products through a large branch network spread across the country.
Dr. Kharbash said: 'What we are seeing today is recognition of the rapid growth of Islamic banking in financial markets all over the world. Growth rates for the sector have generally been around the 20 per cent mark, compared to the 5 per cent seen by conventional banking,' he said.
DIB is looking for a rapid expansion of its investment to take maximum advantage of the opportunities in the market. Dr. Khirbash added: 'DIB plans to deploy a new bank in Pakistan, which will have a full range of products and services to cater to the demand for Islamic banking products and services in Pakistan.
'Potentially there is a strong market in Pakistan, where there has been a growing awareness of the benefits of Islamic banking, which has been supported by the central bank,' he added.
Dr. Khirbash said DIB Pakistan will be an active player on the investment banking needs. He said: 'The value addition DIB brings to the Pakistani market is significant. Being the first Islamic bank in the world, DIB has developed a substantial track record built on innovation. The expertise of the bank may also be utilised by the Central Bank, which is in the process of developing and refining the regulatory environment. DIB has an important role in assisting SBP to develop a secondary market for Islamic commercial paper.'
DIB played an active role in developing the market of Islamic commercial paper in Pakistan when the bank participated as a co-manager of the Sovereign Islamic Sukuk issue. The success of the issue consolidated the status of DIB as an Islamic Sukuk powerhouse as it follows the bank's single largest Sukuk issue in the world in 2004, which successfully closed the US$1 billion Dubai Civil Aviation transaction to fund the expansion of Dubai International Airport.
DIB will leverage the expertise and experience of its Shari'a board to play a significant role in the development of sophisticated Islamic banking products and Shariah compliant services in Pakistan.
Dr Khirbash said: 'Pakistan's economy has seen a turnaround and continues to maintain a growth trajectory buoyed by falling debt and continued economic reform. Investors are impressed by the track record of reform and the performance of the Pakistani economy over the last five years.'
Dr. Hussain said: 'The initiative comes in line with the government's plans to develop and promote Islamic banking services in the Pakistani market. The banking sector in Pakistan has evolved rapidly over the past years. Its operations have grown significantly after the upgrading of the legal and regulatory frame work.'
SBP has, meanwhile, upgraded the banking sector's regulatory system, which has become one of the most progressive and comprehensive. Taken together with government measures to strengthen the country's economic and legal framework, the establishment of DIB Pakistan could not have come at a better time in the country's economic cycle.
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