Dubai Islamic Bank

Dubai Islamic Bank

·        Introduction

The Dubai Muslim Bank (DIB) is associate degree Muslim bank in Dubai, established in 1975. It is the primary Muslim bank to own incorporated the principles of Islam altogether its practices and is that the largest Muslim bank within the UAE.

·       Bank

Established in 1975, Dubai Muslim Bank is that the largest Muslim bank within the UAE by assets and a public joint stock company listed on the Dubai monetary Market. Spearheading the evolution of the worldwide Muslim finance trade, DIB is additionally the world’s 1st full service Muslim bank and also the third largest Islamic bank within the world. The Bank presently operates ninety branches across the UAE, is gift in seven markets worldwide and is increasing its world footprint to more grow and develop the business. Serving on the brink of one.7 million customers, DIB offers its growing client base associate degree increasing vary of innovative shariah compliant merchandise and services.

In addition to being the primary and largest Muslim bank within the UAE, DIB features a vital international presence as a leader in promoting Shari’ah-compliant monetary services across variety of markets worldwide. The bank has established DIB Pakistan restricted, an entirely in hand subsidiary that is that the 1st Muslim bank in Pakistan to supply Priority Banking, still because the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 40% stake in the Indonesian bank. Additionally, in could 2017, Dubai Muslim Bank PJSC was given the license by the financial institution of Kenya (CBK) to control its subsidiary, DIB Kenya Ltd.

The Bank’s final goal is to form Muslim finance the norm, instead of an alternate to standard banking worldwide. DIB has won a variety of accolades that area unit testament to those efforts across diversified areas, together with retail, corporate and investment banking, as well as CSR and consultancy services. A clear indication of the bank’s leadership position within the Muslim finance sector, DIB named the Best Islamic Bank in the various prestigious ceremonies. In 2017, DIB won the in-demand world Muslim Business Award in its initial edition within the region and was conferred to the bank throughout the twenty third edition of the Business Excellence Awards Ceremony. Reflective of its leadership within the world Muslim finance trade, DIB has conjointly been recognized with variety of accolades in 2018 together with Banker Mideast Awards, Dubai Service Excellence theme, International Finance Magazine and Islamic Finance News Awards.

·        DIB Significant Subsidiaries and Associates

Dar Al shariah: Dar Al shariah could be a Sharia legal and monetary practice firm established in 2008.

Dubai Muslim Bank Pakistan: Dubai Muslim Bank Pakistan was established in 2006 as a totally in hand subsidiary.

Panin Dubai Syariah Bank: thirty-eight.3% ownership in a Shariah compliant player in Indonesia, which has one of the largest Muslim populations in the world.

Bank of Khartoum: DIB holds a stake in Bank of Khartoum, one of the largest banks in Sudan.

Deyaar: Deyaar Development could be a land development company established in 2002.

Bosna Bank International: Bosna Bank International was established in 2000 because the 1st Sharia-compliant bank in Europe.

DIB Bank Kenya Limited: License obtained from Central Bank of Kenya (CBK) in May 2017 exclusively to offer Shariah compliant banking services in Kenya.

·       CORPORATE PROFILE

·       DUBAI ISLAMIC BANK PAKISTAN

Dubai Muslim Bank Pakistan limited (DIBPL) could be a wholly-owned subsidiary of Dubai Muslim Bank UAE (DIB). The parent company DIB could be a listed company in Dubai. The Bank has maintained its position as associate degree innovative answer supplier to all or any the monetary desires of its customers, in accordance to Shari’a.

DIBPL was incorporated in Pakistan as associate degree unlisted public company on could twenty seven, 2005 under the Companies Ordinance (1984) to carry out the business of an Islamic Commercial Bank in accordance with the principles of Islamic Shari’a. The bank of Pakistan (SBP) granted a license to the Bank on November twenty six, 2005 and later the Bank received the Certificate of Commencement of Business from the Securities and Exchange Commission of Pakistan (SECP) on January twenty six, 2006. The Bank commenced operations as a scheduled Muslim full-service bank with impact from March twenty eight, 2006.

In recent years, DIBPL management has taken initiatives towards bringing excellence in its organizational operations. Apart from positioning the processes with its improved Vision, Mission and Values; DIBPL has initiated launching of New Products, New Branches, Learning & Development Interventions and Continuous Improvement in Systems and Processes. Today DIBPL stands at 243 locations (200 branches and forty three palmlike banking booths) in sixty two cities across Pakistan.

DIBPL has a customer base of over 200,000. As an Minimum Capital Requirement (MCR) compliant Bank, the DIBPL enjoys a short-term credit rating of ‘A-1’ and long-term credit rating of ‘AA-’ with a “Stable” outlook by JCR VIS, indicating the Bank’s sturdy position within the trade. The Bank continues to affirm its commitment to Pakistan with new branches and completely Halal & Shari’s compliant new merchandise and services.

Aside from providing comprehensive banking services, DIBPL takes on the role of both an investor and a facilitator to serve as a catalyst for further Foreign Direct Investment (FDI) in the country. Pakistan funds has benefitted from over United States $130 million of FDI from DIBPL alone. The Bank continues to play a lively role in developing the market of Muslim cash equivalent in Pakistan by collaborating altogether major Sovereign Muslim Sukuk issue from the Government of Pakistan also as Sukuk issue from the non-public sector.