Dubai Islamic Bank Pakistan and Novatex Limited sign Project Financing Agreement
Karachi, January 23, 2015 (PPI-OT): Dubai Islamic Bank Pakistan Limited (DIBPL), a wholly-owned subsidiary of Dubai Islamic Bank UAE, world’s first Islamic Bank and Novatex Limited, industry leader in PET Resin and Plastic Products have entered into a project financing agreement amounting to PKR 1,000 Million for expansion of the PET Resin Plant at Novatex.
Mr. Abdul Razak Diwan (CEO of Novatex Limited), Mr. Junaid Ahmed (CEO of DIBPL) and senior Directors of the Group including Mr. Peer Mohammad Diwan, Mr. Iqbal Bilwani , Mr. Rizwan Diwan and Mr. Shabbir Diwan were present at the occasion along with Senior Management of DIBPL. The event was also attended by DIBPL’s Director Mr. Naved A. Khan.
Commenting on the occasion, Mr. Abdul Razak Diwan said “DIBPL and Novatex share the same vision to promote Islamic Banking in Pakistan and commended the efforts of DIBPL in providing World Class Banking the Islamic Way.”
The project finance agreement executed by DIBPL and Novatex for the PET Resin Plant is the latest milestone between the two institutions.
Mr. Junaid Ahmed said that Dubai Islamic Bank being the pioneer Islamic Banking institution globally is committed to the long term prosperity of Pakistan and Islamic Banking as a whole. He further said, Alhamdulillah, DIBPL is a Minimum Capital Requirement (MCR) compliant Bank that enjoys a short-term credit rating of ‘A-1’ and long-term credit rating of ‘A+’, with a “stable” outlook from JCR-VIS.
Mr. Junaid Ahmed further said that DIBPL intends to keep its growth momentum going for 2015 as well, aiming to further grow its existing branch network to over 250 locations nationwide. This will enable more customer convenience and highlight the Bank’s endeavour to bring world class Islamic Banking at the customer’s doorstep.
For more information, contact:
Dubai Islamic bank Pakistan limited
Ph: 35368644- 0300-8232705-0331-7869229
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