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Posts Tagged ‘Dubai Islamic Bank

Gulfnews: Dubai Islamic Bank launches new business banking solution

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Points of Essence:

  • Dubai Islamic Bank recently rolled out its new business banking account known as Al Islami Banking Accounts. The product comes in 3 different packages, Al Islami Business Account, Al Islami Business Account Plus and Al Islami Business Account Premium, each designed to suit the requirements of different types of business customers and different growth plans. The account is now available at all the Bank’s branches which features may be seen here. Gulf News reported.

Staff Report
Published: November 08, 2008, 22:50

Dubai: Dubai Islamic Bank (DIB) has launched Al Islami Business Accounts, a new product in its business banking portfolio that offers banking convenience and competitive advantages to business customers.

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Written by Suapi Shaffaii

November 9, 2008 at 7:19 pm

Former head of Dubai Islamic Bank detained

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Points of Essence:

  • Dubai has intensified its crackdown on the financial irregularities with the latest arrest of a former CEO of Dubai Islamic Bank along with the executives of other state-link corporations. Last August, the global banking fraternity was shocked with a high profile probe of Tamweel’s former CEO for alleged corruptions.

The former chief executive of Dubai Islamic Bank has been detained as part of a probe into alleged financial irregularities at the bank’s real estate subsidiary, Deyaar Dev.

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Written by Suapi Shaffaii

October 16, 2008 at 11:29 pm

Dubai Bank plans $5bn Islamic bond programme

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Points of Essence:

  • Dubai Bank plans to raise $500 million in Islamic bonds this year as part of a $5 billion notes programme to finance growth. Swiss investment bank, UBS and Standard Chartered have been appointed as lead arrangers. The bonds would be listed on the London Stock Exchange and the Dubai International Financial Exchange.
Dubai Bank is a unit of Dubai Banking Group which is owned by Dubai Holding which is owned by Dubai's Ruler Sheikh Mohammed bin Rashid Al-Maktoum (pictured). (Getty Images)

DUBAI INC.: Dubai Bank is a unit of Dubai Banking Group which is owned by Dubai Holding which is owned by Dubai's Ruler Sheikh Mohammed bin Rashid Al-Maktoum (pictured). (Getty Images)


By John Irish

Dubai Bank plans to sell about $500 million in Islamic bonds this year as part of a $5 billion notes programme to finance growth as it looks to become a global Islamic lender by 2013.

The unlisted bank, a unit of Dubai Banking Group (DBG), could sell its first tranche in the next “couple of months”, depending on market conditions, Chief Executive Officer Salaam Al-Shaksy told newswire Reuters on Wednesday.

The Islamic lender, which appointed Swiss investment bank UBS and Standard Chartered as lead arrangers, had received a good response from potential investors for the sukuk sale, Al-Shaksy said.

“We are talking about an Islamic bank sukuk, which has not been issued for quite some time,” Shaksy said when asked whether he was concerned about difficulties in the regional debt markets.

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Written by Suapi Shaffaii

September 25, 2008 at 12:22 pm

Abdulla Al Hamli appointed Chief Executive Officer of Dubai Islamic Bank

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Abdulla Al Hamli - CEO

Points of Essence:

  • Abdulla Al Hamli is appointed Dubai Islamic Bank’s new Chief Executive Officer. He previously served as Chief of Operations and Information Technology at DIB.
  • The new CEO is expected to make a significant contribution to consolidating DIB’s leadership position in the regional and international Islamic banking sector.

21 September 2008
• Appointment in line with DIB’s continued leadership of regional and international Islamic banking sector
• New CEO to focus on sustained organic growth and best practice corporate governance

Dubai – Dubai Islamic Bank (DIB) announced today the appointment of Abdulla Al Hamli as the bank’s new Chief Executive Officer. Al Hamli, who previously served as Chief of Operations and Information Technology at DIB has worked at the bank for nine years, following 16 years in progressively senior positions at leading public and private-sector organisations in Dubai, including more than a decade and a half as Director of Information Systems at the Dubai Ports Authority and Jebel Ali Free Zone. The holder of a BSc in Economics and Maths from Al Ain University who has completed various international professional development programmes, Al Hamli currently serves as a member of the Board of Directors of Deyaar Development.

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Written by Suapi Shaffaii

September 21, 2008 at 9:00 pm

DIB to buy controlling stake in Jordan’s IDB

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Points of Essence:

  • Dubai Islamic Bank (DIB) marked its first overseas acquisition by taking over the Industrial Development Bank of Jordan.
  • The new entity will be converted into a Sharia-compliant institution. Its name will be changed to “Jordan Dubai Islamic Bank” as it would sell Islamic products to the Jordanian market.

By Andrew Foxwell

  • Last Updated: September 02. 2008 10:23PM UAE / GMT

Dubai Islamic Bank (DIB), in association with two finance houses, will buy a controlling stake in a small Jordanian bank, marking one of DIB’s first overseas acquisitions and a further spread of its Sharia banking products throughout the Middle East.

The takeover plan calls for Industrial Development Bank (IDB) – which is listed on the Amman Stock Exchange with a market capitalisation of 106.2 million Jordanian dinars (Dh554m) – to be converted into a Sharia-compliant institution, change its name to “Jordan Dubai Islamic Bank” and sell Islamic products to the Jordanian market.

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Written by Suapi Shaffaii

September 3, 2008 at 6:22 am

DIB announces purchase of anti-money laundering system

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Points of Essence:

  • Dubai Islamic Bank (DIB) had purchased an integrated anti-money laundering and compliance solution from Norkom Technologies for application across its operations in the United Arab Emirates and Pakistan. Norkom Technologies is a leading provider of financial crime and compliance solutions for the global financial services industry.
  • The software will help DIB to monitor and analyse transactions and customer interactions across its entire customer base in order to identify and investigate suspicious and criminal behaviour.
  • DIB is a member of the Islamic Financial Services Board.

Dubai Islamic Bank (DIB) today announced the purchase of an integrated anti-money laundering and compliance solution from Norkom Technologies, a leading provider of financial crime and compliance solutions for the global financial services industry.

DIB will implement Norkom’s sophisticated suite of solutions across its operations in the United Arab Emirates and Pakistan.

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Written by Suapi Shaffaii

September 2, 2008 at 3:40 am

Pakistan plans to issue first local currency Islamic bond next month

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Points of Essence:

  • Pakistan will issue rupee-dominated Islamic bond for its domestic market consumption in September.
  • The issuance will be handled by Standard Chartered Bank and Dubai Islamic Bank which would be less than Rs 20 billion than what the market had expected.
  • The Islamic bond will further stimulate the growth of the Islamic finance industry which shared 3.2% of the total banking system in Pakistan and only accounted for Rs 135 billion of assets.

Published: August 15, 2008, 23:58

Kuala Lumpur: Pakistan will issue its first local currency Sharia-compliant bond in September, a government official said yesterday, as the Muslim nation seeks to build its fledging Islamic finance industry.

Ashfaque Hassan Khan, special secretary at the Finance Ministry, said the issue size had not been determined although it would be “substantially less” than the Rs20 billion ($269.5 million) some bankers had earlier expected.

“We have already completed all the paperwork and we hope to be in the market sometime in Sep-tember,” Khan told Reuters by telephone. “This is the first time we will be going to the market with a rupee-denominated local sukuk.”

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Written by Suapi Shaffaii

August 16, 2008 at 2:24 am