Dubai Islamic Bank

Dubai Islamic Bank picks arrangers for potential tier 1 sukuk

Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue. These banks, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank will arrange the roadshows. The meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions.

Dubai Islamic Bank signs US$230 million aircraft financing deal with Air Arabia

Dubai Islamic Bank (DIB) and Air Arabia announced today the signing of an aircraft financing deal to facilitate the delivery of six new Airbus A320 aircrafts in 2015. The US$230 million Ijara facility will finance the delivery of a new aircraft every two months starting January 2015, the program culminating with the final unit being handed over by the end of the year. Air Arabia, recently named amongst the Global Growth Companies (GGC) by the World Economic Forum, has seen its route network expand rapidly in 2014 with the addition on new routes such as Cairo in Egypt, Antalya in Turkey, Tbilisi in Georgia, and Samara in Russia. The low-cost airline pioneer now serves 100 destinations from its four hubs in the UAE, Morocco and Egypt.

Chairman Shari’a Board of Dubai Islamic Bank visits Pakistan

Dr. Hussein Hamed Hassan, Chairman of Shari’a Board for Dubai Islamic Bank (DIB), recently visited Pakistan to meet various Shari’a Scholars, Government Dignitaries, senior Islamic Bankers, State Bank of Pakistan officials, prominent Pakistani businessmen and Dubai Islamic Bank Pakistan (DIBPL) management. Dr. Hussein during his visit held various crucial meetings on Islamic Banking and Shari’a compliance with major stakeholders in the country. He is considered as one of the founding fathers of Islamic finance due to his contribution to developing structures for the day to day running of Islamic banks and financial institutions.

Dubai Islamic Bank CEO Adnan Chilwan on the importance of innovation in the Islamic economy

Dubai Islamic Bank CEO Adnan Chilwan has no doubt that Dubai is well-poised to become the global capital of Islamic economy. The key sectors such as real estate, travel, tourism, hospitality, healthcare, and education are equally poised for future growth. Keeping this in mind, there's an overwhelming support from the government as the setting up of Dubai's Islamic Economic Development Center has just shown, he said. However, there are challenges like skill, efficiency and investor confidence. And most of these challenges can be overcome just by pure innovation, Chilwan believes. About Dubai Islamic Bank, he said that service and innovation are a very integral part of its strategy.

lydubai in sukuk talks

Low-cost carrier flydubai is in talks with its advisers for a potential bond issuance. Earlier reports citing unnamed sources, Dubai’s low cost airline had mandated seven banks — Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered — to arrange a potential debut sukuk issue

Sukuk pipeline

Pakistan's Ministry of Finance selected Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered as bookrunners for a U.S. dollar sukuk issue. An official said; the tenor of the bond and the format would be decided soon

Dubai’s DIB Boosts 2014 Loan Growth Forecasts on Economy

Dubai Islamic Bank PJSC (DIB) has raised loan growth forecasts for 2014 as it increases its corporate and real estate businesses amid the fastest economic expansion in the lender’s home market for at least seven years. The bank expects lending to grow 15 percent to 20 percent in 2014, more than the 10 percent to 15 percent it had previously forecast, according to Chief Executive Officer Adnan Chilwan. The company will continue to expand to take advantage of the emirate’s buoyant property market, while keeping its proportion of total lending at about 25 percent. Besides, the lender is exploring the option of setting up a new bank in Kenya by the end of the year to add to its presence in Pakistan, Jordan, and Bosnia, Chilwan said. It also expects to increase its stake in Indonesia’s Bank Panin Syariah.

Empower secures $127.8m loan from Dubai Islamic Bank

Empower, the district cooling company, has secured a $127.8 million (Dh469.4 million) loan from Dubai Islamic Bank (DIB). The loan facility, to be paid back over half yearly instalments over five years, will be used to fund Empower’s district cooling area in Dubai’s Business Bay area. Empower said that the loan is a cost-effective measure to sustain company growth. The loan is the first Islamic financing facility taken out by Empower.

Dubai Islamic Bank rules out controlling stake in Indonesian lender

Dubai Islamic Bank has ruled out seeking a controlling stake in Bank Panin Syariah, and its plans are limited to raising its stake in the Indonesian lender to 40 percent from 25 percent now, its chief executive Adnan Chilwan said. Dubai Islamic bought 2.42 billion shares in the listed sharia-compliant lender in June, its first foray into southeast Asia. In May, the bank said it hoped to reach 40 percent before the end of the year, using its own cash to fund the purchase. Under Indonesian rules, foreign ownership of local lenders requires regulatory approval to go above 40 percent. Last month, Indonesia's financial services authority said it was preparing a five-year industry blueprint that would address foreign ownership limits.

Dubai bank to up stake in Panin Syariah

Dubai Islamic Bank (DIB) has officially submitted a request to Indonesia’s Financial Services Authority (OJK) to up its stake in Jakarta-listed Bank Panin Syariah (PNBS). It has expressed its intention to increase its ownership in Panin Syariah to 40 percent. DIB currently owns a 24.9 percent stake in Panin Syariah, a subsidiary of private lender Panin Bank (PNBN). The United Arab Emirates lender acquired Panin Syariah’s shares, reportedly worth Rp 251.79 billion (US$21.7 million), in two stages in May this year. The rest of Panin Syariah’s shares are controlled by Panin Bank with 52.5 percent, Hesti Femi Nugraheni with 5.4 percent and the public with 17.2 percent. The OJK expects to complete the talks and issue approval for DIB later this year.

Emirates secures USD425 Islamic loan

Emirates have secured a $425 million shariacompliant loan from a group of UAE banks to finance the acquisition of two Airbus A380 aircraft. Emirates used the loan to take delivery of its 50th A380 in Hamburg last month. The aircraft is scheduled to enter into service sometime in early August. Abu Dhabi Islamic Bank (Adib), Commercial Bank of Dubai (CBD) and Dubai Islamic Bank (DIB) were the joint book runners and initial mandated lead arrangers in the transaction. Emirates is the largest operator of the superjumbo A380 and have a further 90 on order. The airline’s president, Tim Clark, has previously said he is interested in ordering more of the superjumbos if Airbus is able to manufacture a more fuel efficient “neo” version.

Emicool signs $245 million refinancing facility with Dubai Islamic Bank

Emirates District Cooling LLC (Emicool) has signed a $245 million 12-year facility with Dubai Islamic Bank (DIB) which will largely refinance its existing debt and also fund the company’s expansion plans. The refinancing agreement was signed by Mr. Abdulaziz Bin Yagub Al Serkal, Chairman of Emicool, and Dr. Adnan Chilwan, CEO of Dubai Islamic Bank, recently in the presence of Mr. Adib Moubadder, CEO of Emicool, and DIB executives. Mr. Moubadder said that there is a huge potential for growth in the district cooling industry, and as one of the major players, Emicool is looking at investing in infrastructure, which will assist to offer quality products to capture a significant share of the market.

Investment in PT Bank Panin Syariah Tbk

Dubai Islamic Bank PJSC (DIB) has completed their first phase of accumulating shares in PT Bank Panin Syariah Tbk (Bank Panin Syariah) in Indonesia. As per the envisaged plan, DIB has completed the acquisition of 24.9% shares in Bank Panin Syariah by acquiring 2,427,750,000 shares. Afterwards, DIB will initiate formal regulatory approval process to obtain "Significant Shareholder Status" from the Financial Services Authority (OJK) to complete phase 2 of the share purchase plan by increasing its stake in Bank Panin Syariah to up to 40%. Bank Panin Syariah is currently controlled by PT Bank Panin and operates through a network of 10 branches. The bank is listed on the Indonesia stock exchange.

Dubai Islamic Bank stake in Panin Syariah official

DIB, the oldest sharia lender in the world, has now officially acquired shares within publicly listed lender Bank Panin Syariah from owner, Panin Bank. The statement was submitted to the Indonesia Stock Exchange shows Panin’s stake declining to 64.01 percent from 87.51 percent. Panin vice president Roosniati Salihin confirmed the deal.

Dubai Islamic Bank to buy Indonesian bank stake

Dubai Islamic Bank (DIB) will purchase a 25 percent stake in Indonesian Islamic lender Bank Panin Syariah. Under the agreement, DIB will jointly manage and operate Bank Panin Syariah along with parent Bank Pan Indonesia, which will remain a controlling shareholder. No purchase price was given for the deal, which will be subject to regulatory approval. The investment will involve DIB accumulating around a 25 percent stake in Bank Panin Syariah in the initial phase, with a view to subsequently increasing its shareholding in the bank to 40 percent. Bank Panin Syariah has a network of 10 branches and held assets worth 4.3 trillion rupiah ($376.8 million) at March 31.

Dubai Islamic Bank says to buy 25 pct in Indonesia's Bank Panin Syariah

Dubai Islamic Bank is to purchase a 25 percent stake in Indonesian Islamic lender Bank Panin Syariah, it said in a statement on Monday, adding it could ultimately increase the holding up to 40 percent. No purchase price was given in the statement, which said the transaction was still subject to regulatory approval. Bank Panin Syariah, which was listed in Indonesia in January, is the Islamic subsidiary of Bank Pan Indonesia .

Pakistan, DIB discuss sukuk

Pakistan's Minister for Finance Muhammad Ishaq Dar held a meeting with officials from Dubai Islamic Bank ( DIB ) in Dubai where they discussed prospects of another sukuk issuance and hiring an advisor for transparent sukuk transaction. Following the success of Euro Bond wherein Pakistan raised $2 billion from capital market recently, the minister said government intends to tap the sukuk market to increase its foreign exchange reserves. Pakistan plans to sell $1 billion dollar-denominated sukuk which will be marketed at the end of the third or in the fourth quarter of 2014. Dar said Pakistan government would soon release an advertisement in international and local press to hire financial advisor for sukuk transaction through a transparent and competitive process.

UPDATE 2-Dubai Islamic Bank in talks for Indonesia buy as profit doubles

The chief executive of Dubai Islamic Bank (DIB), Adnan Chilwan, said it was in talks to buy a 40 percent stake in an Indonesian Islamic lender to help diversify its revenues. DIB hopes to conclude a deal before the end of the year and that it will pay for the purchase using its own cash reserves. However, Chilwan declined to name the acquisition target, adding its parent was a listed company. Chilwan said in March that DIB planned to expand its operations into Indonesia, Kenya and other African countries. DIB's last acquisition came last year when it completed the takeover of Dubai-based mortgage lender Tamweel, having previously owned 58.2 percent of the firm before the buyout offer.

Reoriented Dubai Islamic Bank ready for a new phase of balance sheet growth

Dubai Islamic Bank (DIB) has completed a five-year consolidation from 2009 to 2013 and has charted a plan for strong balance sheet growth in 2014-16 period. DIB’s first quarter figures vouch for its growth momentum. While the bank reported a 111 per cent increase in net profit to Dh636.6 million in the first quarter of 2014, the bank’s total assets increased by 6.9 per cent to Dh121.1 billion from the end of 2013. Key themes for this year are to grow both consumer and wholesale banking business achieving return on assets of about 1.7 per cent with a return on equity of 15 to 17 per cent. Improved profitability is targeted through growth in financing book and redeployment of liquidity from low earning assets to higher earning assets.

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.

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