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Dubai Bank unveils its conversion strategy
DUBAI — Following a number of recent positive developments at Dubai Bank, the management has revealed the bank's new directives and strategy. The strategy highlights the plan for the bank as it prepares to implement its conversion process from a conventional to a Shariah compliant institution and aims to complete the conversion cycle over an 18 month period.
The bank has revealed that it will strengthen its focus on the retail banking sector in order to capture a larger market share of the UAE. The first step in this process will be a significant increase in its branch network across the country to provide greater presence and easier banking access for its clients.
Mohammad Al Shaibani, Chairman of Dubai Bank, said, "We are aiming to gain a leading position in the Islamic banking sector. To do this, as the bank enters this arena, we are ensuring that we deliver superior levels of products and services with the highest standards of Shari'a compliancy and ethical practices. The demand for such institutions has been increasingly prominent in recent years with surging global growth and an estimated growth rate of 17.5 per cent in the UAE alone over the last five years."
"Although we realise that we have a lot of work ahead of us and there are some well established Islamic banks internationally, we believe that with Dubai Bank's highly qualified team we will build on and further develop the existing products and services being offered in the Islamic banking arena today," he concluded.
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