The expansion of the bank’s network is in line with its retail strategy, which will contribute to its annual balance sheet growth. The retail banking business is expected to account for approximately 47% of the bank’s 2009 revenues.
Adnan Chilwan, chief of retail and business banking at DIB, said: “The opening of our latest branch in Al Nahda is in response to the growing needs of our customers, and a clear indicator of the healthy growth in popularity of Dubai Islamic Bank in the UAE. In addition to the growth in number of customers, our retail deposits as well as financing businesses are expected to show healthy growth as a result of deepening relationships with our existing customers.”
Rashid Mahboob, head of branches management at DIB, said: “Research conducted prior to opening in Al Nahda showed a strong demand for a branch in the area. As a result, we are confident we are making banking with DIB easier and more convenient for customers who live and work in this area. We welcome all our customers in the Al Nahda area to the new branch and look forward to opening more branches across the UAE in the months to come.”
