Dubai Islamic Bank (DIB) concluded the fourth round of its training programme, Iktasib, targeting UAE nationals. The training, which took place over the summer period, aims to identify the strength and capabilities available in the working market.
The programme has attracted 162 trainees from senior students in schools, collages, and universities from all over the United Arab Emirates. A conclusion ceremony was organised on the occasion during which Abd Al Minem Bastaki, Executive Vice President, Group Financial, DIB, distributed awards to trainees in three categories: the Best Trainee, Best Coordinator, and Best Project. Several officials from the bank were also present at the ceremony.
Obaid Al Shamsi, Head of the Emiratisation Committee - DIB said: “ Through the Iktasib programme, the bank aims to strengthen its contribution to society. Iktasib provides professional training opportunities for young UAE nationals allowing them to develop their skill set and increase their knowledge of Shari’a compliant Islamic finance. Trained individuals will be given priority regarding employment vacancies at the bank in the future.”
Mr. Obaid added that the programme is open to young UAE nationals with High School Diplomas degrees and above. “This training exposes the trainees to the bank’s overall strategy and vision. We at DIB are committed to providing the highest quality of innovative financial services that comply with Islamic Shari’a. Trainees that participate in the Iktasib programme receive a monthly stipend and appreciation certificates,” he said.
He added: “Iktasib programme is known for introducing practical training for its trainees, where it starts with an opening reception for the trainees where they get general information about the bank and its operations, where trainees become familiar with Islamic Financing services and its role in developing the society, and then trainees are divided into groups according to the bank’s divisions where they start practical work.”
The programme also uses a creative style in the way it is managed. It is organised by the trainees themselves who will subsequently develop their managerial and administrative skills.
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank’s recent financial results confirm the strength of its balance sheet and profitability. Figures for the year ending December 2004 reported a 36 per cent increase in net profits including depositors’ profits, to reach AED 1.02 billion (US$278 million) compared to AED 751 million (US$205 million) for 2003. The bank’s assets at the end of December last year had grown 35 per cent in the same period to AED 30.8 billion (US$8.3 billion), against AED 22.8 billion (US$6.2 billion) for the equivalent year previously.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan’s US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors. The steps taken mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects within the UAE, one of which led to the world record US$1 billion Islamic bond issue. The issue was arranged for the Government of Dubai’s Department of Civil Aviation to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel’s blue chip portfolio of developments such as The Palm in Dubai.
