Dubai Islamic Bank team highlights strength of Islamic finance


A senior delegation from Dubai Islamic Bank (DIB) Group today (May 22, 2007) met in London with a large group of UK-based institutional investors and highlighted the strength of both DIB and the Islamic finance sector.

The delegation, lead by Saad Abdul Razak, Chief Executive Officer of the Dubai Islamic Bank Group, is participating in the first international investor conference in London organised by the Dubai Financial Market (DFM). The delegation comprises senior DIB officials, including Wassim Saifi, Executive Vice President, Retail and Business banking, DIB; Saad Zaman, Deputy CEO, Millennium Capital Holding, and Mohammed Salim, Senior Vice President, DIB Treasury Department.

More than 200 London-based institutional investors and fund managers will take part in the conference, an initiative aimed at channeling institutional foreign investment into DFM-listed companies.

Saad Abdul Razak said: “DIB is expected to lead manage AED 60 billion worth of sukuk this year, an increase of 80 per cent compared to AED 33 billion during the past 18 months.”

“The bank’s achievements confirm its position as the leading Islamic finance institution and, through its activities, one of the most effective conduits for encouraging foreign direct investment into the UAE,” said Abdul Razak. “Because of the growing recognition of our leading position in the sector, companies are increasingly turning to DIB for their fundraising needs, including mandating DIB as their lead manager and arranger.

He continued: “Today, we are also working in partnership with some of the world’s leading blue-chip financial institutions as co-lead managers, underwriters or subscribers to these issues.

He concluded: “While 2006 was an excellent year for Dubai Islamic Bank, this year promises to be even more exceptional. In particular, DIB is expected to lead manage AED 60 billion worth of sukuk in 2007, which is a truly remarkable achievement. DIB will lead manage these sukuk for firms across a wide range of sectors, including oil, power, airlines, real estate and infrastructure in both the UAE and the Gulf region. We are extremely proud of the leading role we are playing in this key segment of the regional economy.”

On the first day of the international investor conference, DIB provided an overview of the bank’s activities and growth strategy as well as the increasingly important role played by Sharia-complaint financial services firms in the economic expansion of the region. On the second and third day, DIB representatives will hold one-to-one meetings with London-based institutional investors including managers of international funds.

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