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Dubai Islamic Bank granted Islamic banking licence

KARACHI (November 27 2005): The State Bank of Pakistan (SBP) has granted Islamic banking licence to Dubai Islamic Bank Pakistan Limited. Dr Ishrat Husain, Governor, SBP, presented the licence to Arif Alkooheji, Executive Vice-President, Dubai Islamic Bank Pakistan Limited, at a simple ceremony at SBP, Karachi, on Saturday.

With the issuance of this licence to Dubai Islamic Bank Pakistan Limited, total number of banks having Islamic banking licence has increased to five. The others are: Meezan Bank Limited, Al Baraka Islamic Bank, BankIslami Pakistan Limited and Emirates Global Islamic Bank.

Dr Ishrat said that the State Bank was encouraging participation of reputable local and foreign investors in the field of Islamic banking to develop a competitive and viable Shariah-compliant financial system in the country. He said that the Islamic banking was growing at a fast pace in the country.

The Governor reiterated SBP's commitment to promote Islamic banking on sound footing.

Pervez Said, Advisor to SBP Governor on Islamic banking, said that the progress of Islamic banking in Pakistan had been commendable during the past two years.

Arif Alkooheji, EVP, DIB, said that DIB, incorporated in 1975 in Dubai, had the unique distinction of being the world's first full-fledged Islamic bank. “We have committed to invest $100 million in Pakistan. We will be creating a centre of excellence in Pakistan for products and professionals in the field of Islamic banking; taking both on global horizons with us,” he said.

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