Dubai Islamic Bank (DIB), one of the United Arab Emirates (UAE)'s leading Islamic financial institutions, has launched Al-Tanmyah Services Company, a new subsidiary which specializes in providing security, maintenance and labor services.
“At the outset, Al-Tanmyah will be dealing with DIB customers through their industrial and construction projects, while at a later stage, the company will look to buy stakes or partner in the management of similar companies and enterprises according to basic regulations set by these partners,” said Obeid Khalifa Al-Shamsi, head of Human Resources at DIB.
“Encouraged by the increasing demand for such services in the UAE corporate sector, DIB decided to diversify and establish its own independent company. This initiative enables the bank to enhance its role in developing corporate services offered to the industrial, commercial and real estate sectors,” said Ali Al-Sayegh, Al-Tanmyah Services general manager.
The company will be providing the labor for functions including cleaning, delivery, and driver services, as well as building and company security, pest control, interior and exterior plant care and the disposal of manufacturing wastes and chemical emissions.
The company plans first to conduct market research and award contracts to bidding companies offering cleaning and maintenance services. It will then establish its own projects or buy other businesses, including securing temporary project work and developing into an independent business offering its services to the construction and industrial sectors.
In the third phase, the company will introduce technologies in order to enhance the company's performance. Al-Tanmyah Services will also establish intellectual property and dealership rights that are pivotal to the company's business operation.
Established on 1975, DIB is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. The philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
