Al Islami Financial Services (IFS), a Dubai Islamic Bank (DIB) subsidiary, has announced the opening of a new office to conduct remote trading in both Dubai Financial Market (DFM) and Abu Dhabi Securities Market (ADSM).
The office, which one of the first to offer remote trading in UAE, will offer investors Shariah compliant brokerage services to buy and sell local securities through a fully automated system linked with DFM and ADSM. The new office also includes an advanced call center, a trading room, and a special area for ladies.
The office, located in Al Murooj Building on Shaikh Zayed Road, Dubai, was inaugurated today by Dr. Mohammed Khalfan Bin Kharbash, Minister of State for Finance and Industry and Chairman of Dubai Islamic Bank. Essa Kazim, Director General of Dubai Financial Market, was also present at the opening ceremony.
Dr. Kharbash said: “The launch of IFS’s new office is part of the bank’s plan to provide the diverse customer base of DIB and other investors a capability to invest in the UAE capital market. Investors are now afforded the privilege of conducting their transactions in complete privacy and comfort in a professional environment devoted to meet their financial needs and requirements.”
He added: “The step signals a new era in offering advanced brokerage services with the best possible access to swift, easy and secure transactions. It will help investors to manage their money in every possible way.”
Mr. Kazim said: “The financial markets are witnessing a tremendous growth in number and volume of transactions. The new office will help fulfilling the financial needs of investors through an advanced brokerage system offering convenience and hassle-free trading. The office will also support the strategies adopted by DFM in creating new channels of trading.”
Saad Abdul Razak, CEO of DIB, said: “IFS is supported by its parent DIB, which have years of experience in the financial market. IFS have a dedicated and experienced team that is well versed in the field of capital markets. The office uses state-of-the-art technology to extend and strengthen its reach to investors.”
Ali Abdeen, CEO of IFS, said: “The new office equips investors with the necessary tools to allocate, select and manage their investments wisely. IFS’s mission is to provide its customers with the most efficient brokerage related services available in the country. The office includes a trading room and an advanced call center that operates from 8am to 4pm. A team of female professionals will be available at the office to fulfill the financial needs and requirements of ladies”
IFS recorded more than 200 per cent growth in its revenues during the first six month of 2005 as compared to the total volume of revenues generated in 2004. The company was established as a subsidiary of DIB, under the chairmanship of Dr. Mohammed Khalfan Bin Kharbash. In addition to its brokerage office in DFM, the company has another office in ADSM. IFS started brokerage business with the official opening of DFM in March 2001.
Note for editors
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank’s recent financial results confirm the strength of its balance sheet and profitability. Figures for the year ending December 2004 reported a 36 per cent increase in net profits including depositors’ profits, to reach AED 1.02 billion (US$278 million) compared to AED 751 million (US$205 million) for 2003. The bank’s assets at the end of December last year had grown 35 per cent in the same period to AED 30.8 billion (US$8.3 billion), against AED 22.8 billion (US$6.2 billion) for the equivalent year previously.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan’s US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors. The steps taken mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects within the UAE, one of which led to the world record US$1 billion Islamic bond issue. The issue was arranged for the Government of Dubai’s Department of Civil Aviation to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel’s blue chip portfolio of developments such as The Palm in Dubai.
