Dubai Islamic Bank eyes Kenya, Indonesia for expansion

Dubai Islamic Bank plans to expand its operations into Asian and African countries as it emerges from a period of consolidation, the bank's chief executive Adnan Chilwan said. The lender, which currently makes some 95 percent of its revenue within the United Arab Emirates, says it is entering a growth phase domestically and internationally. It is exploring opportunities in Indonesia, Kenya and surrounding countries in Africa, the Indian subcontinent and the GCC. Expansion could be realized via acquisition, a Joint Venture, a finance company or a greenfield operation as long as DIB keeps management control and operates under its brand, Chilwan added. However, Chilwan said the bank also expected strong growth in its domestic market, so the balance between local and international business would not change radically.