State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar inaugurated Dubai Islamic Bank's Karachi branch at Cloth Market here on Sunday.
"Given Dubai Islamic Bank's international stature and regional presence, we anticipate that the bank will bring to Pakistan the required technology, instruments and institutional framework, so as to set the standard for other Islamic banks to follow", said the SBP Governor after inaugurating the branch premises.
"We have observed phenomenal growth in the Islamic banking industry in a short period of time as Islamic banking has evolved as an institution to help achieve financial sector growth in a Muslim country as Pakistan", she added.
Later, the SBP Governor and Advisor to the SBP Governor on Islamic banking, Pervez Said, were given a tour of the branch premises by a delegation of Dubai Islamic Bank, including Chief Executive Officer (CEO) Saad Zaman and Deputy CEO M. A. Mannan; during which network expansion plans of the bank were discussed.
Speaking on the occasion, Saad Zaman said that the "launch of Dubai Islamic Bank's Pakistan operations was based on having found a market here with high potential and investment-friendly policies. "There has also been a growing awareness of the benefits of Islamic banking in Pakistan, which, supported by the State Bank of Pakistan, have created a positive economic environment for business.
"We commenced services in Pakistan, during March this year, with the first branch at Avari Towers, Karachi. Now, with our second branch in the metropolis, we aim to serve more customers, quicker and better by offering world class banking service, the Islamic way. We are targeting more branches by end of this year, with a 70-branch network all over Pakistan in the next 18 months", said Deputy CEO of the bank M. A. Manna.
The pioneer in Islamic banking, Dubai Islamic Bank recently commenced services in Lahore, he said, adding next on the bank's list was opening of its Faisalabad branch, following by commencement of operations in Islamabad and Rawalpindi by the end of this month.-PR
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