Islamic Development Bank (“IDB”) a multilateral development financing institution owned by 56 member countries is increasing its financing operations by 15% per annum. It is also discussing ways and means how it can help its members which are going to be seriously impaired by the financial crisis. This was stated by Mr. Mohammad Tariq, Treasurer of IDB while inaugurating Gulistan-e-Jauhar Branch of Dawood Islamic Bank, in which Islamic Corporation for the Development of the Private Sector (ICD), affiliate of the IDB, is a founder shareholder.

He added that DIBL has now become a leading source of Shari’ah Compliant banking convenience in the country and stated that DIBL has been recently assigned as “AA” Rated Bank for Shari’ah Quality in Pakistan by Islamic International Rating Agency (IIRA)

In line with its policy to cater to the increasing demand for Islamic Banking products and services, the bank has opened its 28th online branch at Gulistan-e-Jauhar, Karachi on Thursday, August 27th, 2009. Also present on the occasion were Mr. Rafique Dawood, Chairman Dawood Islamic Bank, Syed Rashid Rehman President DIBL, Mr. Azam Esof Kolia, Director, Mr. Ayaz Dawood, Director, Mr. Murad Usmani, EVP & Head of Retail Banking, and Ehtesham Bari, Head of Marketing.