“There are three key benefits that Dubai Islamic Bank has already realized by moving to IP telephony from Avaya – improved customer service through a centralized communications system, enhanced employee productivity as all DIB staff can now be reached by their own extensions, and a reduced telecoms cost of almost 50% in less than 6 months,” said Mr. Ali Al Basti, Head of Admin Affairs, Dubai Islamic Bank.

“The new IP telephony infrastructure has given the bank its fastest-ever return on investment for an IT/telecoms deployment, which is important at a time when the financial services industry is making every effort to maximize its technology spend.  IP telephony has also empowered the bank to centrally manage, control and administer our communications, including a disaster recovery option should we experience any downtime.  All of these elements combine into a more cost-effective communications strategy for the bank which also benefits our customers,” he explained.

Olive, an Avaya partner in the Middle East, delivered the new IP telephony system to Dubai Islamic Bank, including a seamless integration of a multi-vendor voice messaging system to a single Avaya modular solution.  Opting for IP telephony means that all of the banks calls from branch-to-branch are via extension, or ‘internal’ calls on the Avaya network, delivering substantial cost savings.  Customers can also reach Dubai Islamic Bank’s different service groups, including retail and private banking, business and corporate banking, investment banking and real estate finance, more quickly and easily via the new network.

“The banking sector is facing rigorous pressure to reduce costs and optimize its technology solutions while maintaining and even improving customer service.  By moving to IP telephony, Dubai Islamic Bank can now more accurately forecast its telecoms costs while benchmarking savings from the new system, and benefit from increased staff productivity and customer service delivery,” Nidal Abou-Ltaif, area vice president of Emerging Markets for Avaya

The conversion of an AED 3.75 billion deposit granted to DIB by the Ministry of Finance into Tier 2 capital of the bank, pursuant to terms and conditions proposed by the Ministry of Finance, was approved at the EGM. The amendment of article 14 of the Articles of Association of the bank as a result of the capital increase was also approved at the EGM.

“By approving the capital increase, members of the assembly have demonstrated their support for DIB’s expansion plan aimed at protecting the lending position of the bank during the current global financial crisis. We look forward to their continued support in 2009 and in the years to come,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.”

Chairing the EGM, Sheikh Khaled Bin Zayed Al Nehayan, Vice Chairman of Dubai Islamic Bank, said: “The bank will sustain its commitment to contributing to the ongoing growth, stability and diversification of the UAE and all the markets we serve. Further, the increase of the bank’s capital will provide additional liquidity to the financial operations carried out by the bank, thereby strengthening the UAE economy.”

DIB reported AED 1.73 billion in net profit for 2008, a marginal decline compared to AED 1.88 billion in 2007, excluding an extraordinary gain on transfer from a DIB subsidiary. The distribution of a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008 was approved at the bank’s AGM.

DIB will continue to build upon its many achievements in 2008, including the launch of its legal subsidiary, Dar Al Sharia Legal & Financial Consultancy LLC; a new joint venture with Jordan Dubai Capital and Dubai International Capital, via a strategic investment in Industrial Development Bank, which is being converted into Jordan Dubai Islamic Bank.

The bank’s current growth strategy – with a renewed focus on its already robust retail operations – will deliver significant results. By the end of this year, the bank expects to record a 15 per cent increase in its customer base, reaching some 900,000 customers, while the bank’s retail assets business will grow by approximately 20 per cent.

The Mega Sale Event 2009 follows the stupendous success of the 2007 & 2008 events, except that this year’s event offers more exciting discounts, a wider range of choices and much variety in products.

Saif Al Mansoori, Head of Marketing Consumer Banking and Wealth Management said, “The summer holiday season is just around the corner, and we thought that this will be the perfect time to give our valued customers an early season present. Our credit and debit cards come packed with exclusive benefits, but we are pretty sure that this is one benefit that will be appreciated more than the rest at this time of the year; and our strategies constantly seek to provide customers with innovative and unique products.” 

Al Mansoori added, “The four day Warehouse Sale starting today, will feature the top brands in electronics, apparel, furniture, jewellery, accessories, perfumes and lots more from some of the most recognized houses in the UAE including Ahmed Siddiqi, Bin Hendi, Guess, La Fayette, i2, Joy Alukkas, Guess and mots more. Discounts of up to 70% are on offer at the event, making it an event that no bargain hunter can afford to miss.”

The Warehouse Sale will be held in the East Hall of Dubai Airport Expo on 29th April from 6:00 pm – 10:00 pm, and on April 30th – May 2nd from 10 am to 10 pm.