In its continuing effort to contribute towards national human development, Dubai Islamic Bank (DIB) held an open day “Al Tawzeef Day” towards meeting UAE Nationals seeking employment at the bank. Officials from the bank’s human resources department received and interviewed tens of UAE National job seekers yesterday (July 20, 2005), with a view to offering them suitable employment at the bank.
The full-day event, which was held at Bustan Rotana Hotel, signals a series of innovative ideas set to be launched by the bank to target UAE Nationals and offer them exceptional opportunities to enter the banking sector through DIB.
Applications from prospective candidates will be screened by a special committee and those who meet the requirements will be approached by DIB’s human resource department after three working days.
Obaid Al Shamsi, Head of the Emiratisation - DIB said: “The event focused on attracting the best available national talent for responsible positions at the bank and assessments will be made on the basis of qualifications alone.”
“The bank has succeeded in attracting a large number of nationals in various cadres. This has resulted in nationals accounting for about 50 per cent of the total number of employees hired by the bank during the first six months of 2005,” he added.
DIB’s vision is based on attracting, recruiting, developing and retaining UAE nationals and increasing their contribution to the banking sector and the national economy.”
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.
