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The Dubai Islamic Bank (DIB) launched two new consumer products, First Islamic Visa Debit Card and Dubai Islamic Home Financing, at a local hotel on Thursday. While sharing the growth statistics of different products with the media, Dubai Islamic Bank Pakistan Deputy Chief Executive M.A. Mannan said.
"The Islamic Visa Debit Card has already acquired a 5,000 subscriber-base within a very short span of time and this number is growing steadily." He said since its introduction we have had 100,000 ATM transactions to date.
"Similarly, our Islamic Home Financing Service has catered to transactions amounting to Rs 300 million within two months. The bank had received applications of more than Rs 5.5 billion for this facility. Our remarkable performance speaks for two things - a dedicated sales team and an outstanding product," said Mannan.
He said: "All our services are approved by the Bank's Shariah Board and are at par with those provided by conventional banks. The Dubai Islamic Bank Pakistan aims to provide customers with Islamic solutions for all their financial needs."
He said that all products of DIB are designed and developed as stand-alone products that are highly competitive with all other available products in the market: Islamic or conventional.
Mannan said the plan of the Dubai Islamic Bank would diversify its portfolio further and more products would be introduced keeping the Pakistani market in view. DIB Business Management head (liabilities) Naveed Malik said: "We are the first Islamic Bank in Pakistan to introduce a visa debit card.
The accounts linked to this card are based on the principles of Shariah and generate Halal profits giving our account holders the best of both worlds. We have given our customers high spending and cash withdrawal limits, which are at par with or better than most conventional banks. Backed by the power of visa, our card lets our customers save and spend, the Islamic way."
DIB Business Management head (consumer assets) Salman Hasan said: "Based on the principles of Musharaka, the bank will provide financing of up to Rs 30 million to a maximum of 80 percent of property value. The complete interest-free and 100 percent Shariah compliant process has been kept simple and easy for customer convenience."
Mannan said the Dubai Islamic Bank is well organised for setting up high standards of excellence through innovative product development, landmark transactions, and strict Shariah compliance.
The DIB commenced operations in Pakistan in March 2006. Within the first nine months, it has set up nine branches in six major cities - Karachi, Lahore, Rawalpindi, Islamabad, Faisalabad and Peshawar. It has around 2,000 accounts in each branch. The DIB Pakistan is a wholly-owned subsidiary of the Dubai Islamic Group, headquartered in UAE |
