DIB launches Panin Dubai Syariah Bank in Indonesia

DUBAI, — Dubai Islamic Bank, DIB, has celebrated the launch of Panin Dubai Syariah Bank in Indonesia.

The event was attended by DIB Group CEO Dr. Adnan Chilwan, key local officials including Muliaman D. Hadad, Chief Commissioner Financial Services Authority (OJK), Dr. KH Ma’ruf Amin, Chief of the Indonesia Ulama Council, Hamlim Alamsyah, Chief Commissioner of Indonesia Deposit Insurance Corporation and senior management from both organisations.

Following regulatory approvals in 2015, Dubai Islamic Bank successfully acquired almost 40 percent in PT Bank Panin Syariah Tbk, which has been rebranded to Panin Dubai Syariah Bank, PDSB, as part of the deal, marking DIB’s first entry into the Asia-Pacific region.

The newly rebranded bank offers Islamic banking services in Indonesia. With a total population of 200 million people, 95 percent of which are Muslim, and its Sharia compliant banking market expected to grow from 3 percent to 11 percent by 2020, Islamic finance will be a defining pillar of Indonesia’s growth in the years ahead.

Commenting on the acquisition and launch, Dr. Chilwan said, “This acquisition is an important milestone for DIB. As the world’s first fully-fledged Islamic bank, we not only established a new banking model four decades ago, but also took on the responsibility to grow and develop the global Islamic finance market. One way we are doing this is through strategic partnerships and Bank Panin is a perfect partner for us in the Asia-Pacific region.

“As an established player with years of experience and local market knowledge, Bank Panin will enable us to progress our vision for Islamic finance in Indonesia and across the region. Looking ahead, we will execute our strategy in Panin Dubai Syariah Bank just as we have consistently done over the past forty years in the UAE and in our other key international markets, and are confident that this partnership will ultimately get us one step closer to making Sharia compliant banking the norm, rather than an alternative to conventional banking, around the world.”

Source: Emirates News Agency