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Dubai Islamic Bank (DIB) claims it is poised to extend its reach by creating an international banking arm to capitalise on the global expansion of Islamic finance.

The first few steps have been taken, with forays into Pakistan that have led to the announcement of a Pakistan subsidiary, says CEO Sa’ad Abdul Razak. A representative office is also being opened in Turkey.

“Our approach will not be the same in every case. In some countries we will set up branches or, as in Pakistan, a network of branches through a 100%-owned subsidiary. In others we will open representative offices, as in Turkey, or we may pursue the option of tying up with one or more local partners or where appropriate consider acquisition. In every case, however, we expect to manage the operation. This is where our expertise lies.”
The bank’s ambitious international strategy will also have implications for its domestic business.

“We were the first and we intend to continue to lead the way. Islamic finance has grown out of all proportion and we have to grow with it and act as a catalyst for its further expansion,” adds Razak.