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12 July, 2017

News

Dubai Islamic Bank Pakistan announced the successful issuance of its Rated, Unsecured, Subordinated and Privately Placed Tier-II Mudaraba Sukuk. The PKR 4 Billion Sukuk issue was oversubscribed by 1.7 times the issue size reflecting strong demand and confidence by the investors in one of the leading global brands in Islamic Banking. With Group assets of USD 50 Billion, a market capitalization of around USD 7.0 Billion, and workforce of more than 8,000 employees within the group, DIBP is fast being recognized as a formidable force in Islamic Finance and one of the most progressive Islamic Finance institutions in the world. Currently, DIB has presence across all Emirates in the UAE with growing international operations in South Asia, Far East, Middle East, Europe and Africa. The Credit Rating of DIBPL was recently upgraded by JCR-VIS from “A+” (Single A Plus) to “AA-“ (Double A Minus) for Medium to Long Term and “A-1”(A One) for Short Term with Stable outlook. During 2016, DIBP pursued a consolidation strategy which has resulted in significant improvement in financing and deposit mix. Asset quality indicators of the bank compare favorably to peers. Profit before tax of the bank increased by 93% during 2016 on the back of improvement in core profitability. The ratings are underpinned by the projected growth in profitability, improved efficiency and sustained asset quality indicators.

The Sukuk Issue is rated A+ (Single A Plus) by JCR-VIS Credit Rating Company Limited. The Sukuk has a 10 year tenor and carries an expected profit rate of 50 basis points per annum over 6 Month KIBOR. The Sukuk is redeemable at maturity and has a Call Option which is exercisable after 5 years. This landmark transaction was executed following a meeting of the Board of Directors of the Company on June 1, 2017 to shore up the bank’s Capital Adequacy Ratio (CAR) in line with Basel III requirements keeping in view the bank’s increasing financing portfolio. The issuance received interest from a diverse range of financial institutions including banks, mutual funds and insurance/takaful companies. In total, a number of 26 institutional investors participated in the issue. Mr. Junaid Ahmed, Chief Executive Officer of Dubai Islamic Bank Pakistan Limited, speaking at the occasion said, “This Sukuk issuance will provide the much needed impetus to the bank to continue with its financing activities focusing on Corporate, SME, Commercial and Consumer Banking. The bank has received an overwhelming response from the market and we were able to close this transaction within a record time thanks to timely approvals granted by State Bank of Pakistan”.

DIB PAKISTAN ISSUES PKR 4 BILLION TIER-II SUKUK

13July, 2017

News

DIBP Conduct Assessment; Quarterly Session

The meeting was attended by Mr.Tariq Abbasi (convener), Head of Service & Quality, Mr Syed Amir Ghyas Ahmed,Head of Operations, Mr Naveed Malik, Head of Distribution, Mr Mohammad Ali Shah, Head of Consumer Assets Sales, Mr Syed Zaka-ur-Rahman , Head of Marketing & Product Development, Mr Irfan Johar, Head of Compliance, Mr M. Nadeem Yousuf, Head of CAOD, Mr Masood Salahuddin, Unit Head Operation & Market Risk, Mr Naveed Sattar, Head of Learning & Development, Mr Muhammad Waqas Durrani, Head of Marketing & Corporate Communications, Mr Shaikh Mashhood-ur-Rahman, Head of IT, Mr Muhammad Amjad Idris, Head FRM, Mr Ahsan Rehman, Head Quality & Regional Service, Mr Murtaza Miabhoy, Head of I.S, Mr Zia Khalid, Manager Sharia ,Mr Imran Hasan, Manager Quality, Mr Babar Baig, Manager Problem Resolution, Mr Hafiz Iqbal Hassan, Manager Projects & Controls, Mr Syed Ali Yazdan, Area Manager, and Mr Imran Fazli, Business coordinator SMEC

Actionable items were discussed for continuous improvement to customer experience with the bank. Moving forward, such meetings will be held on a Quarterly basis to review all issues pertaining to Fair treatment to Customers in light of the Financial consumer protection policy of the bank.

First meeting of ‘Conduct Assessment Review’ committee for 2017 was held in the month of May and was convened by S&Q department.