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Dubai Islamic Bank Launches
Subsidiary in Jordan

Jordan Dubai Islamic Bank (JDIB), a subsidiary of DIB, on Tuesday announced the launch of its operations from Amman — the capital of the country. The launch signals the Dubai-listed bank’s focus on expanding its presence internationally.

The launch of the bank’s first branch in Amman, Jordan, will be followed by an aggressive expansion of its operations across the Kingdom, including the planned opening of a total of 10 branches by the end of this year.

“The launch of JDIB further underscores the importance of increasing our international footprint,” Abdulla Al Hamli, Chief Executive Officer of DIB said.

“As part of our global growth strategy, DIB intends to aggressively identity further expansion opportunities in underserved markets.”

The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 37 branches across 15 major cities in Pakistan. DIB also has a representative office in Turkey to enhance its access to that market. In November last year, DIB projected that its customer based would increase by 15 per cent to 900,000 in 2009 because of ten new branches in the UAE.

JDIB is a public shareholding company with a capital of $70 million, resulting from the conversion of Industrial Development Bank (IDB) into an Islamic financial institution. IDB was re-launched as JDIB following the completion of a private placement of 
26 million shares.

DIB and Jordan Dubai Capital (JD Capital) jointly own a 52 per cent stake in JDIB. Apart from being a shareholder in the bank, DIB also has a management contract to convert, restructure and establish the business. Founded in 2005, JD Capital is a Jordanian company focused on investments throughout the Kingdom and managing assets in excess 
of $1.5 billion.

“The bank’s entry into the Jordanian market heralds a new era of Islamic banking in the Kingdom. JDIB is focused on adding value to our customers, shareholders and the Jordanian economy at large, and is committed to further developing the Islamic banking sector through world-class products and international service standards,” Sami Afghan, Chief Executive Officer, JDIB, said.

JDIB seeks to create a banking solutions system compliant with Islamic law in a modern economic environment, stimulating the demand for such services in the Jordanian market. JDIB is focused on offering innovative Islamic banking products and solutions of international standards that meet the needs of corporate and retail clients.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 37 branches across 15 major cities in Pakistan. DIB also has a representative office in Turkey to enhance its access to that market.

abdulbasit@khaleejtimes.com