Dubai Islamic Bank Pakistan Limited (DIBPL) has achieved an impressive growth of 55 percent in its financing and a 42 percent increase in deposits for the nine-month period ended in September. DIBPL's financing portfolio stands at Rs 17.5 billion and customer deposits at Rs 22.9 billion as at September 2008.

Speaking at the formal launch of the Bank's 23rd state-of-the-art branch on Shaheed-e-Millat Road, Karachi, M A Mannan, DIBPL Chief Executive Officer said: "Since the commencement of its operations in Pakistan, DIBPL has consistently been capturing market share by providing world class products and services developed by some of the world's most renowned Shariah scholars.

He further added: "Despite operating in a challenging environment, the bank continues to demonstrate the strength of its fundamentals and the soundness of its long-term strategy of expanding its operations and strengthening its revenue streams."

With the opening of the Shaheed-e-Millat Road branch in Karachi, DIBPL's network now stands at 23 branches in nine cities of Pakistan. This network is expected to be further expanded to cover new cities in the coming months. PR