Dubai Islamic Bank announces key appointments to support growth and expansion strategy

Dubai Islamic Bank (DIB) announced today that it has made some strategic appointments to support its growth and expansion strategy. Under the new management restructure, Dr. Adnan Chilwan has been appointed Deputy CEO - Chief of Consumer and Wholesale Banking, while Mohammed Al Nahdi has been appointed Deputy CEO - Chief Operating Officer.

Addressing the needs of a constantly changing environment, the bank recognises the significance and value of streamlining its operations. Hence, it has announced the formation of a Business Group and a Support Group to ensure the successful implementation of its strategy through an effective organization structure.

The Business Group - Consumer and Wholesale Banking - headed by Dr. Chilwan, will be responsible for all the business functions of the bank, i.e. Consumer Banking, Corporate Banking, Real Estate and Contracting and Treasury. The Support Group, led by Al Nahdi, will be responsible for support functions like Central Operations, Information Technology, Legal, Compliance, Administration and Collections.

"Dubai Islamic Bank is embarking upon a new phase of growth and expansion, and our new structure has been aligned to capitalise on this business potential," said Abdulla Al Hamli, Chief Executive Officer, DIB. "Dubai Islamic Bank successfully weathered the global economic crisis through its prudent approach to financing and provisioning. The bank is now geared to seize the opportunities in the coming years and to meet shareholder expectations."

He added: "I am confident that the strengthened management team will enable the bank to effectively implement its business strategy, while continuing to provide customers with innovative Sharia-compliant solutions that meet their evolving needs."

In line with its long-term domestic expansion strategy, Dubai Islamic Bank continues to focus on the opening of strategically located branches while also increasing its total customer base. DIB aims to strengthen its UAE-wide branch network by 10 more branches in 2011.

Recently, DIB announced the increase of its stake in Tamweel, the UAE-based Islamic home finance provider, to approximately 58 per cent, thus becoming the majority shareholder of the company. Upon the successful completion of the contractual arrangements with major shareholders, the Bank will have a controlling interest in the company.

DIB also launched Emirates REIT in joint venture with Eiffel Management, a pioneer of REITs in France. Both these initiatives are expected to provide much-needed impetus to Dubai's real estate sector, as well as strengthen DIB's share in the real estate financing sector in the UAE.