Dubai Islamic Bank opens new branch in Kalba, Sharjah

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Dubai Islamic Bank (DIB) announced today the opening of a new branch in Kalba, Sharjah, increasing its UAE network to 51 branches.

The new branch comes in line with DIB’s overall expansion plans to meet the growing demand in the UAE for Islamic banking services.

The branch opening was announced by Dr. Adnan Chilwan, Chief of Retail and Business Banking. Dr. Chilwan said: “As new communities and towns across the UAE develop, the demand for Islamic banking services continues to grow. To meet this demand, DIB, the world’s first Islamic bank, has aggressively expanded its branch network in the UAE over the last few years, and with the opening of our 51st branch at Kalba, this trend continues.”

He added, “Although Electronic Banking channels are extremely successful, branches continue to be the most important service channel. DIB’s expansion is a clear indicator of our strategy of providing the best services to our customers and extending DIB’s presence within the community.”

Rashid Mahboob, Head of Branches, DIB, said: “We have already opened two branches this year at Jumairah Beach Residence and Dubai Industrial City with, four more branches set to open across the UAE by the end of the year.

“Kalba is a valuable addition to our branch network in the East Coast region. The new branch will enable us to tap into Kalba’s substantial customer base, especially small and medium-sized businesses, which represent a significant business opportunity. The new branch in Kalba will provide customers with the entire range of DIB’s Sharia-compliant banking products and services, ranging from current, savings, and investment deposit accounts, Auto Finance, Personal Finance, Credit Cards and Business banking solutions.”

Zayed Saeed Al Khezaimi has been appointed the manager of the branch. Previously, Al Khezaimi held various executive positions in the bank’s branches in Dibba and Fujairah. With a Diploma in Economics from UAE University, Al Khezaimi participated in the “Qiyadee” training programme upon commencement of his career at DIB.

The “Qiyadee” training programme, targeted at UAE nationals, was created to identify excellence and develop leadership skills so that qualified nationals can successfully head DIB departments in the future.

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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. DIB is a public joint stock company and its share is quoted 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. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

The bank reported AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.

DIB set a world record by raising a US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.

The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market.

DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.

DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE’s Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious “Bank of the Year - UAE” award from The Banker magazine and additional accolades from Euromoney.

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