KARACHI: 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.
