ISLAMABAD, March 18: Prime Minister Shaukat Aziz formally presented licence for opening Dubai Islamic Bank (DIB) in Pakistan to the UAE Minister for Finance Dr Muhammed Khalfan Bin Khirbash, at a ceremony held at the Prime Minister House on Friday. Speaking on the occasion the Prime Minister welcomed the UAE Finance Minister and his delegation and said the visit reflects the strong economic ties between Pakistan and the UAE. He said the Bank would further enhance economic relations between the two countries in future. The Prime Minister said the Dubai Islamic Bank would prove to be a conduit for bringing more investments from the GCC countries to Pakistan. The Adviser to Prime Minister, Dr Salman Shah, Governor State Bank of Pakistan, Dr. Ishrat Hussain, Minister of State for Finance Umar Ayub Khan and UAE ambassador to Pakistan Ali Muhammad Al-Shamsi were also present on the occasion. Dubai Islamic Bank (DIB) will establish a fully scheduled Islamic Bank in Pakistan with an initial capital of $100 million.
“In the first year, the bank plans to open its five branches in big cities, which would be later increased,” DIB Chairman and UAE Minister of State for Finance and Industry Dr. Mohamed Khalfan bin Khirbash told APP.
State Bank of Pakistan has also granted an in-principle approval for the establishment of DIB Pakistan Limited.—APP
Our Staff Reporter adds: In its meeting with Adviser to Prime Minister on Finance and Revenue Dr Salman Shah, the delegation discussed possibilities of investment in Pakistan to expand business and trade ties between the two countries.
Referring to Bank’s business plan for Pakistan Dr Khalfan said that they were interested in privatization programme of Pakistan and would also focus
on financial needs of the
SMEs in Pakistan. The DIB also plans to offer efficient banking services to the sizable Pakistanis living in the UAE and Middle East.
Obaid Mishar CEO Etisalaat said that if his company was successful in the bidding for Pakistan Telecommunication Company Limited, then with the active partnership of PTCL it could reach international market, neighbourhood countries and provide roaming free telephone service to the people of Pakistan and the UAE as distance between Pakistan and UAE was very short.
Dr Salman Shah said the level of cooperation between the UAE and Pakistan in the field of trade and investment was much less than desired and potential of both the countries.
