In a move to strengthen its international operations and capitalise on business opportunities in Pakistan, Dubai Islamic Bank’s fully owned Pakistani subsidiary has opened 10 new branches across the country. This announcement was made by Dubai Islamic Bank Pakistan Ltd. (DIBPL) at a special ceremony held recently in Karachi, Pakistan, attended by Salim Raza, Governor of the State Bank of Pakistan.

With the 10 new branches, DIBPL has strengthened its network to a total of 35 branches across 15 major cities in Pakistan. The bank also announced its financial performance for the first nine months of 2009, posting a pre-tax profit of PKR 280 million (AED 12.3 million).

Congratulating the bank’s management on this occasion, Raza said: “Dubai Islamic Bank Pakistan Ltd. has been playing a pioneering role in the industry since inception in 2006. The bank has shown impressive performance and has attained a leadership position by introducing several innovative products to the market. I hope DIBPL will continue to work for the growth of Islamic Banking in Pakistan.”

DIBPL’s Chief Executive Officer, M.A Mannan, said, “I am grateful for the enormous support DIBPL has received from its customers and business partners. We are one of the few banks whose performance has been on an upward trend since 2008. DIBPL expects to post a profit on a full-year basis and will open an additional 30 new branches in 2010. At the same time, we are focused on innovation through our upcoming product offerings such as branchless banking and SMS banking.”

DIBPL, a 100 per cent owned subsidiary of DIB, has shown tremendous improvement in its performance recently. The bank posted a pre-tax profit of PKR 280 million (AED 12.3 million) for the first nine months of 2009, up 207.5 per cent compared to the corresponding period last year.

DIBPL commenced operations in Pakistan in 2006 and offers an array of Sharia-compliant, world-class products and services catering to institutions, small and medium-sized businesses and individuals. DIBPL has an asset base of PKR 32 billion (AED 1.4 billion) and deposits over PKR 25 billion (AED 1.1 billion).