5 Interactive Distance Learning Programs on Islamic Banking and Finance

Tuesday, January 6, 2009

Year 2008 was a historical year for the Islamic Banking in Pakistan

Islamic Banking grew immensely in Pakistan in spite of the economical crisis.

Lahore: The year 2008 was the best and a landmark year for the Islamic Banking in Pakistan during which the Islamic Banking industry grew far more rapidly as compared to the previous year. During the year, with an addition of 217 Islamic Banking Branches, the number of branches went from 289 to 506 expanding the network to various cities. At the end of December 2007, Islamic Banking deposits and assets were estimated at Rs. 147 billion Rs. 206 billion respectively, whereas there was a drastic increase of 30% to 40% in the reserves during the year 2008. New Islamic Financial products were introduced during the year. The state Bank of Pakistan also issued guidelines for Agricultural Finance and Islamic Micro Finance which have been the milestones for introducing the Islamic Financial products at the Micro level.

These thoughts were expressed by Mr. Muhammad Zubair Mughal, C.E.O, AlHuda, Centre of Islamic Banking in a seminar on Islamic Banking.

He said that besides 6 complete Islamic Banks in Pakistan, there are 506 Islamic branches of 12 conventional banks operating throughout Pakistan which includes 161 branches of Meezan Bank, 25 of Dubai Islamic Bank, 40 of Emirates Global, 102 of Bank Islami, 5 of Soneri Bank, 4 of Habib Metropolitan Bank, 16 of Bank of Khyber, 18 of Askari Bank, 3 of Royal Bank of Scotland, 4 of Bank-al-Habib, 5 of UBL, 11 of SCB, 40 of Alfalah, 1 of Habib Bank, 30 of Al-Baraka, 21 of Dawud Islamic Bank, MCB 8 and 5 branches of NBP .

He further said that currently there is worldwide global financial crisis which has been a major reason for the bankruptcy of various Banks and Financial institutes but in spite of the fact the Islamic banking system is gaining momentum globally which is evident through the facts & figures for Islamic banking in Pakistan.

Monday, January 5, 2009

ADIB reaffirms plans to expand and invest in its UAE workforce

Abu Dhabi Islamic Bank (ADIB), one of the world’s leading Islamic financial institutions, has reaffirmed its commitment to expanding and investing in its workforce in the UAE, while recognizing 70 existing employees who have been with the bank since its inception in 1998.
While the bank acknowledges the changed economic conditions in 2008, ADIB has not slowed down its ambitious plans to extend its business footprint in 2009. It is continuing with its strategy to attract and retain the best talent in the Islamic banking industry, and to continually invest in its workforce. Standing as testament to this strategy, the bank recently recognized the 70 employees still working at ADIB, out of the original 1500 who started with the bank 10 years ago, with a celebratory gala dinner held in their honour at the Emirates Palace in Abu Dhabi.
In the UAE, the bank is consolidating its workforce via a number of appointments across different divisions, strengthening its people-base in line with the organisation’s vision to become a top tier Islamic financial services group. Over the past few months ADIB has significantly bolstered its senior management team with hires from around the region and beyond, including in the Retail, Risk Management Finance and Branches divisions. This team building has reinforced ADIB’s position as one of the fastest growing Islamic finance institutions.
In Egypt, ADIB is currently building up its new management team, spearheaded by the recent appointment of Nevine Loutfy as market Chief Executive Officer.
ADIB, which marked its 10th anniversary in November, maintains a staff of 1500 in the UAE. The gala dinner recognising the 70 employees who have been with the bank since its inception was attended by the Chairman, H.E. Jawaan Awaidha Suhail Al Khaili, Managing Director, Mr Khamis Bu Haroon, and CEO, Mr Tirad Mahmoud, who presented a number of awards and certificates of appreciation to the employees.