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Dubai Islamic Bank (DIB) has opened its first representative office in

  • Turkey.


    The initiative sees DIB taking a further step towards its goal of establishing an international banking network and follows the launch of a 30-branch retail and commercial network of DIB Pakistan.


    Turkey offers one of the biggest and most mature economies receptive to banking and financial products that DIB has entered. The Turkish economy has grown significantly in recent years and has a huge potential, particularly if progress is made on its entry into the European Union.


    The economy is now buoyant with GDP growth hovering around 9% – the world’s highest growth rate – and inflation under control, having plunged from 68.5% in 2001 to just 11.4% last year.


    With the Turkish government having passed new laws that pave the way for further privatisation in sectors such as energy, telecommunications, banking and industry, the potential and scope is great for DIB’s funding products. In addition, the government ofTurkey has existing privatisation programmes to enforce competition and facilitate market entry of foreign private sector players in various sectors.