Dubai Islamic Bank Offers Up To 90 per cent Home Finance

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced that it is offering up to 90 per cent financing for properties across the UAE. Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers. This financing is available to UAE nationals and expatriate residents. In addition, DIB is offering refinancing solutions for properties that are already completed.Dr. Adnan Chilwan, Chief of Retail and Business Banking, DIB, said: “Property buyers in the UAE are seeking easy home financing solutions. At DIB, customers are our top priority and we are pleased to open new doors for them by offering up to 90 per cent finance for their dream homes.“The security of owning a home in the UAE provides great comfort to our customers. With a high finance to value ratio and a range of products to suit every need, we encourage homebuyers in the country to take advantage of this opportunity.”Customers can avail of Al Islami Home Finance by visiting any of DIB’s wide network of 57 branches or by requesting a personalised visit from DIB’s Home Finance Advisors.
 About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services.The bank currently operates 57 branches in the UAE. As part of its expansion plans announced in early 2009 and in line with its aim to ensure customer satisfaction through accessibility, DIB will increase its nationwide network to 64 branches by the end of this year. In addition to regular, full-service branches, DIB is also planning to launch Express Banking Centres, which will provide fast, efficient services to DIB customers at various convenient locations like shopping malls, hypermarkets and megastoresBy the end of 2009, DIB forecasts that the bank’s total customer base will increase by approximately 15 per cent, reaching some 900,000 customers, while its retail assets business will grow by approximately 20 per cent.DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary. DIB has also opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and in Emirates and Sudan Bank, as well as contributing to the launch of Jordan Dubai Islamic Bank.DIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 across diversified areas within banking, be it retail, corporate or investment banking. The bank was recently named “Best Islamic Bank” for the 4th consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious “Bank of the Year” award from The Banker (Financial Times), along with prestigious accolades from UK based Euromoney and NY based Global Finance magazines.
 

Dubai Islamic Bank Offers Auto Finance At Profit Rates Starting From 4.50 Per Cent

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced that it is offering auto finance at profit rates starting from just 4.50 per cent p.a. Al Islami Auto Finance is available for up to 72 months, with a minimum monthly salary requirement of AED 3,000. No down payment or salary transfer is required to avail of this offer, which covers both new and pre-owned vehicles.

This attractive financing demonstrates the bank’s generally positive outlook as well as its strong liquidity position, and is in line with its expansion plans announced earlier this year. By the end of this year, DIB will open 10 new branches, expanding its nationwide network to 64 branches, further strengthening its presence across the UAE, while also offering an overall enhanced customer experience.

“As the provider of auto finance for one in every three cars financed in the UAE, Al Islami Auto Finance has long been the leading solution of choice for consumers here,” said Dr. Adnan Chilwan, Chief of Retail and Business Banking, DIB. “In today’s highly competitive market, the bank has recognised the need for flexible auto finance options – which is why we are very pleased to announce this extremely attractive offer that provides a host of valuable benefits.”

DIB has the country’s largest team of qualified auto finance professionals, many of whom are available directly at dealer locations. The bank offers an unmatched range of Sharia-compliant auto financing solutions – along with value-added services such as insurance finance and service contract finance – at extremely competitive profit rates, catering to a broad cross-section of the UAE population.

Dubai Islamic Bank to implement Moody’s Analytics Credit Risk Scoring Tool

Moody’s Analytics is pleased to announce its agreement with Dubai Islamic Bank to provide the bank with its credit risk assessment tool: RiskAnalyst™. This partnership emphasizes Moody’s Analytics’ leadership in the Middle East as the pre-eminent provider of credit risk management systems to financial institutions. Dubai Islamic Bank’s decision supports its strategy to strengthen its credit risk assessment processes and equip its credit risk teams with "best-of-breed" solutions.  Dubai Islamic Bank decided on Moody’s Analytics after an exhaustive evaluation of various solution providers."We assessed the vendors not only in terms of their technical skills and solution technology, but also their relevant experience, knowledge of the industry and Basel II related practices. We used a leading Consulting firm to help us prepare a comprehensive evaluation process as part of our Basel II gap analysis," explains Syed Munawar, Head of Credit Policy & Portfolio Risk Management at Dubai Islamic Bank. Moody’s RiskAnalyst™ is a robust, enterprise-wide credit risk management system that collects, analyzes and stores financial and non-financial information – providing a complete solution for managing and analyzing risk for firms of all sizes. RiskAnalyst’s “open” architecture allows for quick and seamless integration with other applications and data. RiskAnalyst is powered by a centralized database that brings together the inputs required for an internal rating system. These inputs can be used to enable model development and evaluation. Dubai Islamic Bank will use RiskAnalyst™  to assess the bank’s credit relationships with its clients in order to facilitate the credit underwriting process and consistently monitor the status of their portfolio. The tool will be used for all institutions in the Corporate, Contracting, SME and Commercial Real Estate sectors. The solution also includes the development of an internal rating model for unrated financial institutions. "A reliable risk rating methodology will not only build confidence in the credit initation process, but also provide greater speed, accuracy and consistency across our enterprise," adds Syed Munawar. "It is essential for the bank to acquire this tool now in the context of achieving Basel II compliance under the IRB approach in 2011 as it will allow us to present a statistically validated model with adequate data within the regulator’s timeline," says Fahad Bin Fahad, CRO at Dubai Islamic Bank "Moody’s Analytics is very pleased to enter into this agreement with Dubai Islamic Bank as it underscores our commitment to serving the Middle East. We already provide risk management solutions to most key players in the market, and Dubai Islamic Bank is an important addition," says Wael Jadallah, Director at Moody’s Analytics’ office at the DIFC.

UAE Has Recovered Quickly From The Global Financial Crisis : Hamdan

The UAE has managed under its prudent leadership to recover from the world financial crisis rapidly, said H. H. Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, at a keynote address to the Islamic banks conference.’’The conference seeks to devise a sound concept to deal with the choking economic crunch the governments, firms and individual are passing through,’’Sheikh Hamdan told the meeting which was opened by H.H. Sheikh Majed bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority. The Four-day banking forum is being organised by the Department of Islamic Affairs and Charitable Activities (DICD). ’’Dubai has the honour as the leader of the Islamic banking industry when Dubai modern maker the late Sheikh Rashid bin Saeed Al Maktoum launched the Dubai Islamic Bank,’’ Sheikh Hamdan said in his address read on his behalf by Dr. Hamad Al Shaibani, Director General of DICD and chairman of the conference. ’’It is our duty to protect this industry by complete financial transparency,’ he added

Deyaar ties up with leading banks to offer customers viable financing options

Further demonstrating its continued commitment to customer service excellence, Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, today announced continued strategic partnerships with leading banks to offer highly competitive financing options exclusively to Deyaar customers, including up to 90 per cent financing and repayment periods of up to 25 years.As part of the strategic partnerships, customers will, subject to meeting the bank’s credit approval requirements, be able to avail special financing schemes for properties developed by Deyaar, enabling them to benefit from favourable repayment terms and quicker approvals. The banks offering these facilities exclusively to Deyaar customers consist of dominant players in the UAE property finance market, including Noor Islamic Bank , Dubai Islamic Bank, Abu Dhabi Commercial Bank (ADCB), RAK Bank and Emirates Islamic Bank. While the exact terms and conditions of the financing given will vary according to the project and the specific financing requirement, the banks will offer over 80 per cent financing, predominantly on Deyaar’s finished products.  Dubai Islamic Bank is providing up to 90 per cent financing for UAE nationals, while expatriates wishing to purchase a property from Deyaar will avail up to 80 per cent financing. Noor Islamic Bank is offering up to 85 per cent financing for UAE nationals and up 80 per cent for expatriates, ADCB will provide up to 80 per cent finance on all Deyaar projects, and RAK Bank has agreed to provide up to 80 per cent finance on select properties developed by Deyaar. "These strategic alliances with the UAE’s leading financial institutions further reaffirms Deyaar’s commitment to providing its customers with the highest standards of quality and service and assisting them in securing easier access to credit at a time of restrained liquidity,” said Markus Giebel, Chief Executive Officer of Deyaar. “This demonstrates the confidence and belief that key financial institutions have in Deyaar’s ability to deliver on its commitments. “Today’s announcement bears testimony to Deyaar’s solid financial performance and strong fundamentals and reinforces its status as a leader in customer care and innovation.”

Dubai Islamic Bank Expands Product Portfolio With Al Islami Takaful Programme

Dubai Islamic Bank (DIB) announced the launch of Al Islami Takaful Programme, its Sharia-compliant savings plan with Takaful benefits, designed to meet the unique needs of customers looking for Islamic financial planning solutions.

The Al Islami Takaful Programme is the latest addition to DIB’s suite of wealth management solutions, which include savings schemes, mutual funds, and other structured products. This programme combines savings and investment plans with a personal Takaful protection, creating a unique product that offers two key benefits – savings and protection – within the same plan.

The Al Islami Takaful Programme has been developed specifically for the needs of DIB customers by FWU – a global leader in Takaful expertise, with Dubai Islamic Insurance & Reinsurance Company (Aman) as the Wakeel.

Highlighting the advantages of the new product Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank, said: “The launch of the Al Islami Takaful Programme is a key milestone in the execution of our retail banking growth strategy, as it signifies the introduction of another Islamic retail product offering savings, investment and protection to the bank’s customers.

This is further proof of DIB’s continued commitment to provide attractive financial planning solutions to different customer segments, in line with their needs and resources.”

The Al Islami Takaful Programme offers a range of investment options to suit different risk profiles, with flexible payment options – starting from monthly contributions to one-time lump sum contribution – and flexible maturity periods. Depending on their age, customers can choose a plan term from 7 to 30 years (for regular savings) and 3 to 30 years (for lump sum investment). The product also offers the flexibility to increase/decrease contributions and make partial withdrawals at any time during the term.

The Al Islami Takaful Programme is invested in Sharia-compliant funds that seek to generate attractive returns for participants in the programme. Returns on their contributions made into the investments will depend on the performance of the funds.

Dr. Chilwan added: “This programme gives customers the flexibility to switch between investment options at any time, make partial withdrawals and early encashments or even continue your investment plan after maturity. The annual solidarity ’Takaful’ fund surpluses are distributed among all participants, proportionate to their contribution. Additionally, the programme also offers customers the opportunity to appoint up to four beneficiaries with an option to change the beneficiaries throughout the term of the investment, enabling complete peace of mind and protection to loved ones.”

Prospective customers can just walk into any DIB branch and meet a Customer Service Officer, who can provide advice on the right investment plan and structure of the Al Islami Takaful programme, to suit their individual requirements.

Dubai Properties Invites Select Financial Institutions to Offer Attractive Funding Options

Dubai Properties LLC, a subsidiary of Dubai Properties Group (DPG), today announced several leading financial institutions will offer exclusive funding options to prospective buyers and investors of residential or commercial units in Dubai Properties’ projects. Although potential financing will be available for all projects, there will be a special focus on projects that are due for handover, The Executive Towers, Al Waha Villas and The Villa Phase 1 & 2.Representatives from Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, Mashreq Bank and National Bank of Ras Al Khaimah (RAK Bank) will meet customers at the Dubai Properties Headquarters – Sales Centre in Dubai Internet City.An Official Spokesperson for Dubai Properties, said: "In our commitment to offer our clients top scale properties and services, we have invited leading financial institutions to the sales centre at the Dubai Properties’ headquarters to meet and explain the modalities of financing. The banks will seek to streamline the financing options for our current and potential clients. This is also part of our endeavour to ensure our buyers and investors receive customized, timely and accurate propositions.""Our developments have generated substantial interest from regional and international investors as well as Dubai residents. At the same time, our exclusive freehold projects cater to residents looking for an inspirational lifestyle at convenient localities. We are very pleased to offer these properties to our investors and look forward to developing other enchanting residential communities around Dubai."The prestigious AED3 billion Executive Towers master development comprises 11 towers offering 2,211 residential units, including studios, loft apartments, 4-bedroom terrace apartments, garden apartments, and 1, 2, 3, and 4-bedroom apartments. The development also includes 60 villas located at the plaza level, eight boutique office villas and a three-level podium that provides parking bays for 4,500 vehicles.Al Waha Villas is a AED745 million freehold Mediterranean style residential community located in Dubailand.  Properties for sale at the Al Waha Villas will range from 3,944 sq. feet for a four-bedroom villa to 3,621 sq. feet for a three-bedroom villa and 1,785 sq. feet for a two-bedroom villa. All properties will include one or two parking spaces, balconies, and terraces. The project consists of a total of 260 Mediterranean style townhouses within a luxurious enclave and lush landscape.As part of the special offer, select units from phase1 and 2 of The Villa development will be offered to buyers. An AED 8 billion freehold development located in Dubailand. The Villa is an enchanting residential retreat, inspired by generous spaces for outdoor living and the tranquility of Spanish style courtyard housing.Dubai Properties’ projects represent a diverse spectrum of residential, commercial and mixed-use developments including Business Bay, The Villa, Jumeirah Beach Residence, Al Waha Villas, The Villa and Culture Village.

Dubai Islamic Bank Wins Best Sukuk Bank And UAE Country Award By Global Finance

Dubai Islamic Bank (DIB) announced today that it has won the overall Best Sukuk Bank Award and the UAE Country Award in Global Finance’s second global “World’s Best Islamic Financial Institutions” competition.

The winners were chosen among entries evaluated by Global Finance editors after extensive consultations with bankers, corporate finance executives and analysts throughout the world. The jury assessed objective criteria such as growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Additional aspects included opinions of equity analysts, banking consultants and other industry experts.

“These prestigious accolades recognise DIB’s pioneering work in Sharia-compliant banking and underscore once more our leadership position in the Islamic financial sector,” said Abdullah Hamli, CEO, DIB. “As the world’s first Islamic bank, DIB is committed to providing our clients a wide range of innovative Islamic banking services. We are confident that our banking solutions will meet the evolving needs of our growing client base in the Middle East, Europe, Africa and South Asia regions.”

“Sharia-compliant finance is growing rapidly despite the global financial crisis,” said Joseph D. Giarraputo, Publisher of Global Finance. “The winners of this year’s awards are those banks that contributed to the growth of Islamic financing and successfully met their customers’ needs for Sharia-compliant products, while creating the foundation for continued fast growth in the future.”

Global Finance, which celebrates its 22nd anniversary in 2009, is the publication that speaks the language of finance to senior management at the world’s largest companies and to the bankers and money managers who serve them. Global Finance gives its 50,000 subscribers and 180,000 readers in more than 158 countries the guidance and market intelligence that is critical to operating successfully in this new and exciting environment.

Dubai Islamic Bank Opens Three New Branches

Dubai Islamic Bank (DIB) announced today the opening of three new branches in the UAE, bringing the bank’s nationwide network to a total of 57 branches. Two of the new DIB branches are located in Dubai – in Nad Al Hamar and Emaar Business Park – bringing the bank’s total network to 22 branches in the emirate. The third branch is located in Al Hamra Mall, Ras Al Khaimah, expanding the DIB network to a total of four branches in Ras Al Khaimah.

The expansion of the bank’s network is in line with its earlier announced strategy to open 10 new branches this year, targeting a total UAE-wide network of 64 branches by the end of 2009, which will contribute significantly to its projected annual balance sheet growth and will account for approximately 47 percent of the bank’s revenue for 2009.

“We are extremely pleased to announce the opening of three new branches in the UAE, underscoring the bank’s commitment to meeting the growing needs of its customers across the country,” said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank.

“While the bank will continue to provide innovative customer care solutions, including through its Electronic Banking channels and by enhancing its network of Al Islami Express Banking Centres, our focus this year is on increasing the number of bricks-and-mortar branches we operate,” he said. “By the end of this year, we forecast that the bank’s total customer base will increase by approximately 15 per cent, reaching some 900,000 customers, while our retail assets business will grow by approximately 20 per cent. We will continue to expand our branch network to meet that demand.”

“The opening of new branches in Nad Al Hamar and Emaar Business Park makes banking with DIB easier and more convenient for customers who live and work in those thriving commercial and residential centres of Dubai,” said Mr. Rashid Mahboob, Head of Branches Management, Dubai Islamic Bank. “We are especially pleased to note that the Nad Al Hamar branch also includes a ladies section.”

He concluded: “We are equally happy to inaugurate our fourth branch in Ras Al Khaimah, which will offer our complete range of award-winning Sharia-compliant products and services to customers there.”

Dubai Islamic Bank Appoints Saad Zaman As CEO Of DIB Capital

Dubai Islamic Bank (DIB) announced today the appointment of Saad Zaman as the Chief Executive Officer of DIB Capital, a full service investment bank offering Capital Market, Syndications, Advisory, Asset Management and PE products / services based in the Dubai International Financial Centre.Commenting on the appointment, Abdulla Alhamli, CEO Dubai Islamic Bank, said: “Investment banking is part of DIB’s core offerings and in today’s global economic environment, the investment advisory role is of strategic importance to our customer base.”Saad Zaman, who has been a senior in the GCC investment banking industry for a decade, joined DIB in 2004. He was appointed Deputy CEO of DIB Capital Ltd. (formerly known as Millennium Capital Ltd.) in 2007. Prior to joining DIB, Saad was the Managing Director of Citigroup’s Global Islamic banking subsidiary, in addition to heading Citi’s Investment banking business for Middle East, Levant and Pakistan.