The Pakistan arm of Dubai Islamic Bank plans to list a quarter of its shares on the Karachi Stock Exchange in the first quarter of 2016, its chief executive was quoted as saying in the Khaleej Times on Sunday.
Junaid Ahmed said that the bank would benefit from a growing Pakistani economy and investment opportunities from large-scale government infrastructure projects, including a $46 billion project with China, dubbed the China-Pakistan Economic Corridor.
“We have recommended the management to float around 25 per cent share on the exchange as the market is moving in upward direction and it is right time to float the share,” he said.
DIB Pakistan held assets at the end of June worth PKR124.99 billion ($1.2 billion) and made profit after tax of PKR108.4 million in the second quarter of 2015, down 49 per cent year-on-year, according to the earnings statement on its website.
Junaid Ahmed, chief executive of DIB Pakistan, said the bank has established its strong presence in the country in past five years through its 175 branches and 50 branchless banking booths in 223 key locations of 55 major cities across Pakistan.
“We are planning to reach over 250 locations in 60 cities by December 2015,” Ahmed told Khaleej Times in an interview during his recent visit to Dubai.
DIB Pakistan Limited is a wholly-owned subsidiary of Dubai Islamic Bank, UAE. It was incorporated in Pakistan as an unlisted public limited company on May 27, 2005 and commenced operations as a scheduled Islamic commercial bank with effect from March 28, 2006.
Ahmed said DIB Pakistan is a fresh entrant in the country’s Islamic banking industry but emerged as a strong financial institution, which expanded its network in 55 major cities with steadfast determination in first decade of operations. He said the bank continues to reaffirm its commitment to Pakistan with new branches and absolutely Halal and Shariah-compliant new products and services.
In addition, he said DIB Pakistan has been a pioneer in offering the most comprehensive portfolio of state-of-the-art alternate delivery channels giving 24/7 banking access to customers comprising of Internet banking, SMS banking, ATMs and cash deposit machines.
“We are the first Islamic bank to launch Visa Debit Card for our customers,” he said.