Karachi, September 28, 2015: Dubai Islamic Bank Pakistan Limited (DIBPL), and Al Ameen Funds have entered into a corporate Islamic Mutual Funds agreement enabling a landmark distribution alliance for UBL Fund Managers Mutual Fund Products under its dedicated brand “Al Ameen Funds”.
DIBPL is a wholly-owned subsidiary of Dubai Islamic Bank UAE, world’s first Islamic Bank. UBL Fund Managers Limited is one of the leading Asset Management company in Pakistan.
The signing ceremony was held at DIBPL Head Office Karachi in the presence of senior officials from both organizations including Mr. Mir Muhammad Ali (CEO UBL Fund Managers), Mr. Junaid Ahmed, (CEO DIBPL), and Mr. Khawaja Asif (Head of Consumer Banking DIBPL).
Speaking on the occasion, Mr Junaid Ahmed (CEO – DIBPL) said “This is one of the most important initiatives of this year, as DIBPL is privileged to be the first Islamic Bank in the industry to enter this strategic business alliance with Al Ameen Funds. This business venture will surely benefit both DIBPL & Al Ameen Funds as this collaboration will improve DIBPLs market leading footprint and help to further grow its share in Pakistan’s Asset Management Industry”.
Mr. Mir Muhammad Ali, CFA (CEO –UBL Fund Managers) said “We see a huge potential for Shariah Compliant Asset Management solutions in Pakistan and I am delighted to have DIBPL as our first Islamic Bank partner for Islamic Mutual Funds. Together we are offering best value Al Ameen Funds products to DIBPL customers that will help them in their long term financial planning needs”.
Mr. Khawaja Asif from DIBPL further added that, “We have always endeavored to provide innovative financial products and services to our customers through our growing network of over 225 locations (175 Branches and 50 Branchless Booths) across 55 cities in Pakistan. DIBPL continues to reaffirm its commitment of World Class Banking expertise with the largest Shari’a compliant product suite in Retail, Corporate, Consumer, Trade, Commercial, Treasury and Investment Banking services across Pakistan.”
The business venture will benefit both parties in terms of revenue and cross selling of products whereby they will be using their resources & marketing channels for the promotion and distribution of Al Ameen Funds products.