Latest news with #DubaiIslamicBank
Zawya
6 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain as investors eye earnings
Most major stock markets in the Gulf rose in early trade on Wednesday ahead of more corporate earnings, with Dubai and Abu Dhabi bourses rising on the back of financial shares. Dubai's main share index gained 0.6%, led by a 3.3% leap in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index added 0.4%, with the country's biggest lender First Abu Dhabi Bank jumping 2.5% and Abu Dhabi Commercial Bank (ADCB) increasing 2.6%, building on a 7.6% surge in the previous session to a hit record high. ADCB - the third-largest bank by assets in the United Arab Emirates - on Monday posted second-quarter net profit of 2.57 billion dirham ($699.74 million), a rise of 10.7% from the same period a year earlier. Saudi Arabia's benchmark index edged 0.2% higher, on course to snap six consecutive sessions of losses, helped by a 0.3% rise at Al Rajhi Bank. Oil prices, a catalyst for the Gulf's financial markets, rose, boosted by expectations of firm summer demand in the world's two largest consumers, the United States and China. However, gains were capped by analysts' caution about the broader economy. In Qatar, the index was flat. Meanwhile, investors sought more details on President Donald Trump's trade policy, while assessing data showing an increase in U.S. consumer prices last month. Following the data, Trump said that consumer prices were low and the Fed should bring down interest rates now. The Fed's actions have a significant impact on the Gulf region's monetary policy, as most regional currencies are pegged to the U.S. dollar. ($1 = 3.6728 UAE dirham)
Arabian Business
09-07-2025
- Business
- Arabian Business
Dubai's DIB helps arrange $1 billion sovereign financing for Pakistan
Dubai Islamic Bank (DIB) has successfully completed a US$1 billion syndicated term-finance facility for the Government of Pakistan. Arranged in collaboration with a consortium of financial institutions, the five-year facility is an innovative transaction, partially guaranteed by a Policy-Based Guarantee (PBG) from the Asian Development Bank (ADB). It's the first PBG transaction of its kind undertaken by ADB for Pakistan. With Islamic tranche, structured as an AAOIFI-compliant Commodity Murabaha, making up for nearly 89 per cent of the total facility, it showed the growing demand for Shariah-based financing and supports Pakistan's objective of expanding Islamic finance. DIB leads major Pakistan funding deal DIB acted as the sole Islamic global coordinator and was the Joint Mandated Lead Arranger and Bookrunner alongside Standard Chartered. Other leading Islamic banks that participated from the region included Abu Dhabi Islamic Bank, Ajman Bank and Sharjah Islamic Bank. Muhammad Aurangzeb, Minister of Finance, Government of Pakistan, commented: 'This landmark financing arrangement not only underscores the strong confidence of regional and international financial institutions in Pakistan's economic reform trajectory, but also marks an important step in expanding our access to innovative and Shariah-compliant funding solutions. 'We deeply value the role of partners like DIB and ADB in supporting our efforts to ensure macroeconomic stability and sustainable growth.' Dr Adnan Chilwan, Group Chief Executive Officer, DIB, added: 'This transaction marks a key milestone in demonstrating how Sharia-compliant financing can be scaled effectively to meet sovereign objectives while upholding partnership and prudence. 'DIB is delighted to have re-introduced Pakistan's credit to the Islamic term financing market after a hiatus of over two years through an innovative structure. We are confident this will pave the way for the Government to access broader pools of Sharia-compliant liquidity in the near future.' Developed in close coordination with the Government of Pakistan, the Asian Development Bank, and leading financial institutions, the structure reflects strong alignment between market capabilities and national priorities. It offers a compelling example of how values-driven finance can support tangible, real-economy outcomes. The inclusion of an ADB PBG played a key role in facilitating Pakistan's return to the international commercial market. For Pakistan, the transaction marks a strategic re-engagement with Middle East capital markets after more than two years, demonstrating growing investor trust and a renewed appetite for collaboration through ethical and cost-effective financing solutions. Established in 1975, DIB is the largest Islamic bank in the UAE by assets. It is also the world's first full-service Islamic bank and amongst the largest Islamic banks in the world with group assets now exceeding US$95 billion and market capitalisation of more than US$14 billion. The bank has over 500 branches across the Middle East, Asia and Africa.
Hi Dubai
09-07-2025
- Business
- Hi Dubai
Dubai Islamic Bank Leads $1 Billion Shariah-Compliant Facility for Pakistan
Dubai Islamic Bank (DIB) has successfully led a landmark $1 billion syndicated term-finance facility for the Government of Pakistan, marking a significant return to the international Islamic finance market after more than two years. Structured over five years and backed in part by a Policy-Based Guarantee (PBG) from the Asian Development Bank (ADB), the facility represents ADB's first-ever PBG transaction for Pakistan. This innovative financing package reflects growing global interest in Shariah-compliant solutions for sovereign funding. Nearly 89 percent of the transaction was structured as an AAOIFI-compliant Commodity Murabaha, underscoring Pakistan's strategic push to expand Islamic finance. DIB served as the Sole Islamic Global Coordinator and, along with Standard Chartered, acted as Joint Mandated Lead Arranger and Bookrunner. Regional Islamic banks including Abu Dhabi Islamic Bank, Ajman Bank, and Sharjah Islamic Bank also participated. Pakistan's Finance Minister, Muhammad Aurangzeb, called the deal a vote of confidence from global markets, noting it aligns with the country's reform agenda and its pursuit of sustainable, Islamic-based funding options. DIB Group CEO Dr. Adnan Chilwan said the transaction reflects how values-driven finance can support national development goals, enabling Pakistan to access broader Shariah-compliant liquidity pools. The facility is seen as a pivotal step for both Pakistan's fiscal strategy and the broader growth of sovereign Islamic finance, combining regional collaboration with ethical and resilient financial structuring. News Source: Emirates News Agency
Zawya
08-07-2025
- Business
- Zawya
Dubai Islamic Bank arranges $1bln sovereign financing for Government of Pakistan
Dubai Islamic Bank (DIB) has announced the successful completion of a landmark $1 billion syndicated term-finance facility for the Government of Pakistan, arranged in collaboration with a consortium of regional and international financial institutions. The five-year facility is an innovative transaction, partially guaranteed by a Policy-Based Guarantee (PBG) from the Asian Development Bank (ADB) — marking the first PBG transaction of its kind undertaken by ADB for the country. The Islamic tranche, structured as an AAOIFI-compliant Commodity Murabaha, represents approximately 89 percent of the total facility which reflects the growing demand for Shariah-based financing and supports Pakistan's strategic objective of expanding Islamic finance. DIB acted as the Sole Islamic Global Coordinator and alongside Standard Chartered also served as the Joint Mandated Lead Arranger and Bookrunner. Other leading Islamic banks from the region included Abu Dhabi Islamic Bank, Ajman Bank and Sharjah Islamic Bank. Minister of Finance, Government of Pakistan Mr. Muhammad Aurangzeb, stated, 'This landmark financing arrangement not only underscores the strong confidence of regional and international financial institutions in Pakistan's economic reform trajectory, but also marks an important step in expanding our access to innovative and Shariah-compliant funding solutions. We deeply value the role of partners like DIB and ADB in supporting our efforts to ensure macroeconomic stability and sustainable growth.' Dr. Adnan Chilwan, Group Chief Executive Officer, DIB, commented, 'This transaction marks a key milestone in demonstrating how Sharia-compliant financing can be scaled effectively to meet sovereign objectives while upholding partnership and prudence. DIB is delighted to have re-introduced Pakistan's credit to the Islamic term financing market after a hiatus of over two years through an innovative structure. We are confident this will pave the way for the Government to access broader pools of Sharia-compliant liquidity in the near future. "Developed in close coordination with the Government of Pakistan, the Asian Development Bank, and leading financial institutions, the structure reflects strong alignment between market capabilities and national priorities. It offers a compelling example of how values-driven finance can support tangible, real-economy outcomes. At DIB, we remain committed to enabling such purposeful transactions, ones that serve the present, strengthen resilience, and help shape a more inclusive financial future.' This facility represents a milestone in sovereign Islamic finance, combining the strengths of regional and international institutions under a robust, Shariah-compliant structure. The inclusion of an ADB Policy-Based Guarantee has played a key role in facilitating Pakistan's return to the international commercial market, while reflecting confidence in the country's ongoing fiscal reforms and macroeconomic resilience. For the Government of Pakistan, the transaction marks a strategic re-engagement with Middle East capital markets after more than two years, demonstrating growing investor trust and a renewed appetite for collaboration through ethical and cost-effective financing solutions. For participating institutions, the transaction offers an opportunity to support sustainable economic development across key emerging markets, while advancing the global adoption of Islamic finance practices in sovereign funding.
Arab News
08-07-2025
- Business
- Arab News
Pakistan's leading Islamic bank, top mobile wallet team up to boost digital remittances
KARACHI: Dubai Islamic Bank Pakistan (DIBPL) and JazzCash, Pakistan's largest mobile wallet provider, have partnered to streamline inward remittances and expand digital payment solutions for the country's growing freelance economy, the two companies said in a joint statement on Tuesday. Under a Memorandum of Understanding signed in Karachi, DIBPL and JazzCash will enable international home remittances to be deposited directly into JazzCash mobile wallets through DIBPL's global network. The collaboration will also focus on developing customized financial products for freelancers in Pakistan. 'This partnership with JazzCash is motivated by our commitment to deliver inclusive and innovative financial solutions,' Muhammad Ali Gulfaraz, CEO of DIBPL, said in a statement. 'By combining our international and domestic scale with JazzCash's extensive last-mile digital reach to millions of recipients, we aim to make remittances and digital transactions more accessible, secure, and aligned with the needs of a diverse customer base.' JazzCash, a subsidiary of Jazz and a key player in Pakistan's digital payments sector, has over 48 million registered users, according to Mobilink Microfinance Bank. It already serves over 25 percent of the country's 2.3 million freelancers, according to company estimates. 'With over a quarter of Pakistan's freelancers already relying on JazzCash for their payments, this partnership with DIBPL allows us to deepen our impact and build tailored solutions for a rapidly growing segment of the digital economy,' said Murtaza Ali, President of JazzCash. 'Together, we are enabling more seamless cross-border transactions, particularly for freelancers who need fast, secure, and Shariah-compliant access to global payments.' Pakistan's Islamic banking sector has expanded rapidly over the past decade, now accounting for nearly 20 percent of the country's banking assets, according to the State Bank of Pakistan. The combination of Shariah-compliant banking and mobile financial services has created new avenues for financial inclusion, particularly among unbanked populations. The country also ranks among the top five recipients of remittances in South Asia, with overseas Pakistanis sending home over $27 billion annually. However, informal channels and limited access to formal banking continue to hinder financial inclusion. With an increasing number of Pakistanis working as freelancers and remote workers for global clients, especially in IT, digital marketing and content creation, there is growing demand for reliable, fast, and regulatory-compliant payment solutions. Partnerships like the one announced Tuesday aim to address these gaps by integrating formal financial services with digital platforms, the firms said, adding that the collaboration reflects their commitment to advancing Pakistan's digital economy while remaining within a Shariah-compliant and regulatory-compliant framework.
