Holds sessions for senior finance professionals and Executive MBA students from Florida, USA, Study conducted by DIB Academy, Workshop showcases signifies DIB's leadership position in Islamic Finance
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, recently conducted two workshops on the principles and foundations of Islamic finance for 44 senior finance professionals and Executive MBA students from Stetson University and Jacksonville University in Florida, United States of America (USA).
The DIB Academy in cooperation with Dar Al Sharia (DAS) Legal & Financial Consultancy, a subsidiary of DIB, conducted these sessions at their purpose-built premises, which were created specifically to enhance the learning and development function at the Bank.
Sohail Zubairi, CEO of DAS, presented sessions on Islamic finance principles to Executive MBA candidates that included C-level executives such as Chief Financial Officers, Chief Executive Officers, Managing Directors, Chief Operating Officers and other senior executives from a cross section of commercial and financial institutions.
Zubairi highlighted the basic difference between conventional and Islamic banking; Sharia perspective on current global financial crisis; economic philosophies of Islam; impact of interest/usury in the economic models; differences between risk capital and loan capital; reasons for Islamic banking's prohibition of trading in debt and risk guarantees; and the reasons why Islamic finance has remained relatively less affected by the global financial crisis.
"We are pleased to introduce candidates from prestigious universities in the USA to principles of Islamic Finance," said Obaid Al Shamsi, Head of Human Resources, DIB. "Islamic finance has remained relatively less affected in these times of global economic crisis, greatly enhancing its attractiveness among customers worldwide. It is not surprising then to see such great interest among global management students for Islamic finance. As the pioneer of Islamic banking, DIB is committed to raising awareness and enhance understanding of Islamic Finance."
The presentation by Sohail Zubairi also touched upon the pre-requisites of forming a contract in Sharia and he explained the investment contracts (Mudaraba, Musharaka and Wakala) and sale contracts (Bai Mutlaq, Bai Muajjal, Murabaha, Istisna, Ijara and Salam) in Sharia.
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About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed 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.
The bank currently operates 57 branches in the UAE. As part of its expansion plans announced in early 2009 and in line with its aim to ensure customer satisfaction through accessibility, DIB will increase its nationwide network to 64 branches by the end of this year. In addition to regular, full-service branches, DIB is also planning to launch Express Banking Centres, which will provide fast, efficient services to DIB customers at various convenient locations like shopping malls, hypermarkets and megastores
By the end of 2009, DIB forecasts that the bank's total customer base will increase by approximately 15 per cent, reaching some 900,000 customers, while its retail assets business will grow by approximately 20 per cent.
DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary. DIB has also opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and in Emirates and Sudan Bank, as well as contributing to the launch of Jordan Dubai Islamic Bank.
DIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 across diversified areas within banking, be it retail, corporate or investment banking. The bank was recently named "Best Islamic Bank" for the 4th consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious "Bank of the Year" award from The Banker (Financial Times), along with prestigious accolades from UK based Euromoney and NY based Global Finance magazines.
For further information, please contact:
Nicholas Nesson
Ghaleb Zeidan
Gunjan Chaurasia
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com
E-mail: g.zeidan@asdaa.com
E-mail: g.chaurasia@asdaa.com
© Press Release 2009
