DUBAI ISLAMIC BANK (DIB) GROUP BRINGS ITS GROWTH AGENDA TO DIB PAKISTAN
New identity unveiled by Dr. Adnan Chilwan, Group Chief Executive Officer as part of alignment to Group’s strategic positioning
Dr. Chilwan’s visit reiterates DIB Group’s commitment to the country and the Bank’s operations
Karachi, Pakistan; April 22, 2016: Dubai Islamic Bank’s Group Chief Executive Officer Dr. Adnan Chilwan, on his first ever visit to Pakistan, outlined the detailed growth strategy for the franchise in the country at a town hall attended by the board members, management and the staff of DIB Pakistan. This newly defined strategy repositions the Bank’s medium term plans alongside the transformational growth the Group has achieved as part of their 2014-2016 strategic agenda. The unveiling of the Bank’s new identity and branding reinforces the alignment of the local franchise with DIB Group’s overall positioning. The event also marked and celebrated the successful 10 years of the Bank’s operations in the country.
Dr. Adnan Chilwan is a leading authority in the field of Islamic Banking & Finance. With solid repute in the industry, he has been recognized by notable international organizations for his efforts in driving the globalization of Islamic Finance to the globally accepted and established standing it has today. For a second year in a row, Dr. Chilwan has been ranked amongst the top 10 at the Top CEO Awards 2016, which recently awarded him the prestigious 6th ranking amongst top 100 CEOs in the GCC region.
Speaking on the occasion, Dr Chilwan said: “Pakistan is a strategic country for DIB Group and the franchise here is an integral part of our ever-expanding global operations. Over the last two years, our consolidated performance at the group level has been phenomenal, particularly given the challenging global macro-economic landscape. Outperforming the market by 3-4 times consistently over the last eight quarters meant not just capitalizing on existing business but also creating opportunities where none existed. Whilst being cognizant and aware of the business and geo-political environment around us, we worked together to create this platform, which now promises sustained future performance as long as we keep our focus and commitment intact.”
“Our strategy is simple,” he added. “Target the entire market, not just a niche. That’s how we have grown so rapidly and that is exactly how we will sustain this momentum going forward. What we have achieved in the last two years has eclipsed all previous performance and it is now time to replicate the same success in Pakistan. The significant evolution in Islamic banking offerings means that any customer, corporate or retail, can be served. I congratulate you all on a successful decade of DIB operations in Pakistan and look forward to your commitment and focus as we together make Islamic banking and finance, a norm rather than an alternative”.
Dubai Islamic Bank (DIB) was established in 1975 as the world’s first Islamic Bank in the UAE. With Group assets of nearly USD 41bln, a market capitalization of around USD 7.0bln, and workforce of more than 8000 employees within the group, the organization is fast being recognized as a formidable force in Islamic Finance and one of the most progressive Islamic Finance institution in the world. Currently, DIB has presence across all emirates in the UAE with growing international operations in Asia, Middle East and Africa,
Celebrating the 10 years in the country, Junaid Ahmed, CEO DIB Pakistan said: “DIB Group has a rich and dynamic 40 year history. As a pioneer of modern Islamic banking, the bank is viewed as the key influencer in the progression and advancements in the field of Islamic finance. From establishment of operations just 10 years ago to a franchise that boasts more than 240 locations across 62 cities in Pakistan, is phenomenal growth indeed and something we are all extremely proud of. Today’s gathering is a clear reflection of the Group’s commitment to the local franchise in Pakistan as we endeavor to strengthen and grow our business in this market. I would like to thank Dr. Adnan and the board for their continuous support and wish all of you many more successful years ahead”.
About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed 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. The bank currently operates 90 branches in the UAE.
DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 200 branches and 43 branchless booths across 62 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank, and in 2015, it received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.
For its contribution to both the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank’s leading position has been reaffirmed by more than 185 local, regional and international accolades that it has won since 2004. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Dubai Islamic Bank has been also declared the winner of the “Best Islamic Bank, UAE – 2016” by World Finance – Islamic Finance Awards 2016. DIB’s notable recognitions recently included being named the “Best Retail Bank ME”, “Best Corporate Bank ME”, “Best Commercial Bank ME”, “Best Sukuk Arranger ME” and winning “Best Sukuk Deal” award at the Islamic Business & Finance Awards 2015 , in addition to receiving five accolades at the Banker Middle East Industry Awards 2015 for being named as the “Best Investment Bank”. DIB was also recognised for its retail banking services at the Banker Middle East Product Awards 2015, where it won the accolades for “Best Islamic Card” and “Best GCC Equity Fund”, as well as being chosen as the “Islamic Bank of the Year -UAE” and “Most Established Bank of the Year – UAE” at 2015 Business Excellence Awards for the second consecutive year. Earlier this year, the bank has been recognised for its expertise in arranging complex deals, winning accolades for “Murdarbah Deal of the Year”; “Ijarah Deal of the Year”; and “Pakistan Deal of the Year” at the Islamic Finance News Deal of the Year Awards 2015. Lately, Dubai Islamic Bank has been honored by H.E. Mariam bint Mohammed Khalfan Al Roumi, Minister of Social Affairs, with the accolade for “Private Sector First Class Category” at the Emirates Social Award, in recognition of its contribution to bolstering the social welfare of the country, whilst DIB Foundation, has been rewarded with “Private Sector Second Class Category” during the award ceremony aiming to recognize individuals, companies, private and government sector stakeholders for their commitment to developing the local community.
6) FINANCIAL DAILY: http://www.thefinancialdaily.com/Epaper/epub.aspx
7) DIBPAK MEDIA CENTER http://www.dibpak.com/Media-Center/News-Events/NewsID/1045
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15) PAKISTAN OBSERVER: http://pakobserver.net/2016/04/29/dib-brings-growth-agenda-to-pakistan/