Sheikh Sultan Bin Tahnoon Al-Nahyan, Undersecretary, Dewan of the Ruler's Representative in the Eastern Province, has inaugurated the second branch of Dubai Islamic Bank (DIB) in Al Ain.
The city of Al Ain has witnessed tremendous growth particularly in the economic, tourism and construction sectors. The opening of the new DIB branch reflects the growing interest of both the United Arab Emirates private and public sectors to invest in Al Ain," said Al-Nahyan.
"The opening of DIB's second branch in Al Ain is in response to the growing demand for the bank's diverse portfolio of banking services from the people of the city. This also reflects our strategy to open auxiliary branches that are geographically spread across the city, which in turn serve to reduce pressure on the main branch, " said UAE Minister of State for Finance and Industry Affairs, Mohammed Khalfan Bin Kharbash.
Established in 1975, DIB is considered the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the UAE Government, the Central Bank and people of the UAE.
The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. DIB is the first Islamic bank in the world to practically implement this concept. Leveraging the strengths of Islamic business and economic concepts on one hand and banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
