Dubai: UAE-based Dubai Bank may soon increase its capital to Dh1.5 billion, its chief executive officer said yesterday.
"We may increase the recent Dh500 million to Dh1.5 billion, depending on the approval of the bank's upcoming general assembly," said Abdul Aziz Al Muhairi, chief executive officer of Dubai Bank. Al Muhairi said the bank is currently upgrading its banking products and services.
Dubai Bank also has initiated plans to expand its branch network to cover the entire UAE.
Sharia
"We have plans to increase the current five branches to 15 in 2007," he added.
Dubai Bank's CEO said that becoming an Islamic bank on January 1 will put the bank under pressure next year.
"The 2007 results will not increase much, but we have to pass this stage strongly," he said.
"We know that it is a big challenge, but we accept it and have completed about 99 per cent of the change-over," he added.
Dubai Bank celebrated yesterday its successful management of the DFGMI's initial public offering.
The bank was the lead arranger, financial adviser, manager and book runner for the massively oversubscribed IPO.
The bank will start to operate as a Sharia compliant financial institution, conducting and practising all its business in accordance with the norms and principles of Sharia.
