DIB opens new branch in International City, 61st in UAE
1. 61 branches now operational in the UAE
2. Targets 64 UAE-wide branches by year end to meet increasing demand
Dubai Islamic Bank (DIB) announced today the opening of a new branch in International City, Dubai, bringing the bank’s nationwide network to a total of 61 branches, including three Express Banking locations. The latest DIB branch to open in the country is located at the Royal Wings Building in International City.
The expansion of the bank’s network is in line with its earlier announced strategy to open 10 new branches this year, targeting a total UAE-wide network of 64 branches by the end of 2009. At the same time, DIB expects that its customer base will increase by 15 per cent in 2009, reaching 900,000 by the end of this year. The bank also projects that its asset base will increase 20 per cent during the same period.
“As the world’s first Islamic bank and the acknowledged leader in Islamic banking, it is imperative that we stay ahead of our customers’ growing needs and expectations. In line with this, I am pleased to announce the opening of our 61st branch in the UAE,†said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank.
“Despite challenging economic conditions globally, DIB remains focused on expanding its branch network, growing its customer base, increasing its market share and launching new products and services,†he said. “Today’s announcement demonstrates that we continue to make solid progress towards achieving all those aims.
“Dubai is once again on the path to increased prosperity and the opportunities to grow our retail banking operations are significant,†said Dr. Chilwan. “To that end, we will continue to strengthen our position in terms of both assets and liabilities, which represent the core of the bank’s retail banking business.â€
“One of Dubai’s most rapidly expanding areas, stretching over a total area of 8 million square metres and home to nearly 60,000 people, International City was a logical choice for Dubai Islamic Bank to open its newest branch,†said Rashid Mahboob, Head of Branches Management, Dubai Islamic Bank.
“We look forward to welcoming all of those who live and work in International City to our new branch,†he said, “and to announcing the opening of further branches in the months to come.â€
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 61 branches in the UAE. As part of its expansion plans announced in early 2009 and in line with its aim to ensure customer satisfaction through accessibility, DIB will increase its nationwide network to 64 branches by the end of this year. In addition to regular, full-service branches, DIB is also planning to launch Express Banking Centres, which will provide fast, efficient services to DIB customers at various convenient locations like shopping malls, hypermarkets and megastores
By the end of 2009, DIB forecasts that the bank’s total customer base will increase by approximately 15 per cent, reaching some 900,000 customers, while its retail assets business will grow by approximately 20 per cent.
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. DIB has also 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 in Emirates and Sudan Bank, as well as contributing to the launch of Jordan Dubai Islamic Bank.
DIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 across diversified areas within banking, be it retail, corporate or investment banking. The bank was recently named “Best Islamic Bank†for the 4th consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious “Bank of the Year†award from The Banker (Financial Times), along with prestigious accolades from UK-based Euromoney and NY-based Global Finance magazines.
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