Dubai Islamic Bank launches free remittance services to Pakistan

Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has announced that it is offering free remittances for its customers transferring funds to Pakistan. DIB customers will now be able to remit money to any location in Pakistan through DIB Pakistan’s (DIBPL) widespread network of over 100 branches, located across 36 cities. This offering will include fast turnaround times, with remittances being processed within one working day.

The introduction of free remittances to Pakistan will appeal to the Pakistani population residing in the UAE, which represents a large segment of the total population. In 2012, nearly AED 14 billion was remitted from the UAE to Pakistan, a 70 per cent increase on the AED 8.08 billion sent in 2010, according to published figures.With a growing number of expatriates looking to take advantage of current market conditions to send money to Pakistan, the demand for these services is expected to continue growing.

Commenting on the new service, Raju Buddhiraju, Chief of Consumer Banking, DIB, said: “We are pleased to leverage DIB’s international network to provide a unique offering to our Pakistani customers. As we look ahead to expanding our network across the globe, we will continue to launch services that serve the unique needs of specific segments among our 1.4 Million customers in the UAE. ”

As part of the overall package, DIB will also offer its Pakistani customers a range of other banking privileges in the UAE, including exclusive profit rates on Auto Finance up to AED 1 million, Home Finance up to AED 7.5 million, Personal Finance of up to AED 500,000, and Al Islami Credit Cards.