Dubai Islamic Bank Group eyes Pakistan as a key growth market in 2017
Dr. Adnan Chilwan, Group Chief Executive Officer unveils the new expansionary agenda in staff town halls held at Karachi and Lahore
The GCEO and Board’s visit reiterates DIB Group’s commitment to the country and the Bank’s operations across the nation.
Karachi, Pakistan; May 11, 2017: A high powered delegation which included Dubai Islamic Bank’s Group Chief Executive Officer Dr. Adnan Chilwan, Board members and senior management held key meetings with the bank’s local management to ascertain the current status and future plans. The GCEO hosted two town halls in Karachi and Lahore to a wider audience of more than 1200 staff where he commended the performance given by the bank in 2016, a year that witnessed a 2-fold increase in profitability. Whilst highlighting the successes of DIB at both the Group and country level, Dr. Chilwan also outlined a detailed 2017 growth strategy for the franchise in the country. This newly defined approach repositions the Bank’s medium term plans alongside the transformational growth the
Group has achieved in the last few years and effectively aligns the local franchise with DIB Group’s overall positioning.
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 few years, our consolidated performance at the group level has been highly impressive despite the challenges in the region with regards to liquidity, lower oil prices and general economic slowdown. A thorough reconstitution of the balance sheet in 2016 which included a revamp of funding sources and deployment avenues has not just resulted in significantly enhanced profitability but has also positioned the franchise to take advantage of the positive macroeconomic environment in the country and grow exponentially.”
“At DIB, we are absolutely clear that the reason for our success and that of Islamic finance in general in the UAE, has been the fact that we are overall market players, not niche focused,” he added. “This unwavering belief has been critical to the evolution of both Islamic finance as well as the bank in the country where we today enjoy more than 6% share of the overall banking sector and nearly 40% of the Islamic pie. As long as we see every customer, corporate or retail, as a potential client, there is only one direction for us – NORTH. I congratulate you all on the bank’s recent performance and look forward to your commitment and focus as we together make Islamic banking and finance, a norm rather than an alternative”.
Junaid Ahmed, CEO DIB Pakistan said: “DIB Group has a rich and dynamic history panning more than four decades. 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 11 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 Chilwan, and the senior colleagues from the Group for their continuous support and wish all of you many more successful years ahead”.
Dubai Islamic Bank (DIB) was established in 1975 as the world’s first Islamic Bank in the UAE. With Group assets of USD 50 bln, 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 institutions in the world. Currently, DIB has presence across all emirates in the UAE with growing international operations in South Asia, Far East, Middle East, Europe and Africa,
About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the fourth largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.
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 240 locations across 62 major cities in Pakistan. DIB also received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Embarking on a newly established growth agenda in 2014, the Bank has been a leading performer in the UAE financial sector over the last three years with record breaking performance despite volatile market conditions. The massive growth has seen DIB’s market share cross over 6%, the financing book nearly doubling and deposits growing by over 50% during the same period. Even more impressive is the more than 100% growth in profits in the last three years as DIB joined the exclusive USD 1 bln profit club in the country.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking for businesses and consumers worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Consequently, DIB has been recognized as “Best Islamic Bank in the UAE” at the 2016 World Finance – Islamic Finance Awards, and has received four major accolades at the 11th Islamic Business and Finance Awards 2016, including “Best Retail Bank in the UAE, Best Corporate Bank in the UAE, Best Sukuk Arranger and Best Islamic Bank”. In addition to the “Best Sukuk House” awarded at the EMEA Middle East Banking Awards 2016, DIB was also honored with record twelve accolades at the Islamic Finance News Awards 2016, receiving among the awards “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for the second consecutive year. These awards were in addition to the eight landmark transactions the Bank was recognized for at the 2016 IFN “Deals of the Year” Awards including “UAE Deal of the Year”.