Dubai Islamic Bank Pakistan (DIBP) recorded an incremental growth of 152 percent in its total asset base, which stood at Rs 21 billion by the end of December 2007.

Elaborating the bank’s achievements at a press conference, M A Mannan, CEO Dubai Islamic Bank, Pakistan said that in a short span of two years since the bank commenced operations in Pakistan, its customer base has grown by 228 percent to about 21,000 customers in 2007. Its deposit base has grown by 273 percent to Rs 16.1 billion in 2007. The share capital of Dubai Islamic Bank stands at Rs 5 billion.

Mannan said, “of the products introduced last year, DIB Auto Finance registered a volume of Rs 2.9 billion within 9 months of its launch. In a market where cutthroat competition persists, this reflects a great success for the bank.”

During the year 2006–07, Dubai Islamic Bank arranged Sukuk bonds worth Rs 24 billion, which is 41 percent of the total domestic Sukuk issuances. staff report