DIB gets licence for Pak operations

DUBAI— State Bank of Pakistan (SBP) has awarded license to Dubai Islamic Bank (DIB) for its operations in Pakistan. It was announced during a Press conference held yesterday at the State Bank of Pakistan.

By A Staff Reporter

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Published: Sun 27 Nov 2005, 9:50 AM

Last updated: Thu 2 Apr 2015, 5:28 PM

Dr. Ishrat Hussain, Governor of SBP, said: "While the banking industry in Pakistan has immensely flourished in the past five years, it has also been one of the core objectives of my governance to promote Islamic Banking in Pakistan. Through the advent of Dubai Islamic Bank, which happens to be one of the most profitable and successful ventures in Islamic Banking, I am sure the foundations of this industry would further be bolstered."

Arif Koohegi, DIB's Executive Vice President of Investment and Corporate Banking, said: "DIB has the unique distinction of being the world's first full-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterize the best of modern banking.

As part of our global expansion plans, along with observation of the economic stability and growth of banking sector in Pakistan, we will be creating a centre of excellence in Pakistan for products and professionals in the field of Islamic Banking; taking both on global horizons with us."

Saad Zaman, CEO DIB Pakistan Limited said: "We aim to offer state-of-the-art Islamic banking solutions, with world class products and services."

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