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our correspondent
Wednesday, February 01, 2012
From Print Edition
 
 

 

KARACHI: The sponsors of Dubai Islamic Bank (DIB) Pakistan Limited has no plan to divest equity of the bank, said the bank’s top official.

 

“The bank’s management and its shareholders have no intentions of divesting any portion of its equity to local investors,” said Junaid Ahmed, CEO, DIB while shunning rumors about divestment of the bank at an inauguration ceremony of bank’s Learning and Development Centre on Tuesday.

 

The main shareholder DIB UAE was not only been supportive of current progress but also encouraged to present another aggressive strategic expansion plan for the next five years, the CEO said.

 

He said that the future of Islamic banking in Pakistan is bright as all the Shariah compliant banks are growing at a fast pace. The CEO said that though the market share of Islamic mode of banking is small but the industry has tremendous growth opportunity to grow.

 

He said that Islamic banking system has 20 percent market share in Dubai, where the bank is based. About the learning and development center, he said that it would provide basic training about Shariah compliant bank to banks officials. Besides it would also give training to students after graduation, he added.

 

Earlier, Dr. Muhammad Qaseem, Head of Shariah Board of DIB said that with the establishment of this Islamic Banking Training Center and the ongoing initiative to expand the bank’s branch network throughout Pakistan. He said that the Bank has been continuously providing extensive training to its staff on Islamic Banking since its inception in 2006.