x Abu Dhabi, UAEFriday 21 July 2017

Dubai Islamic Bank on a hiring spree to expand consumer business

Dubai Islamic Bank's walk-in interview this week offers successful candidates a job immediately.

Dubai Islamic Bank, which is looking to aggressively grow its consumer banking business, is hosting a two-day hiring spree in which successful candidates will land a job offer immediately after the interview.

Bankers will interview applicants tomorrow and the day after at the Cultural & Scientific Association Theatre in Dubai, the Sharia-compliant lender said in an advertisement on its website.

DIB “is seeking aggressive, result-oriented men and women to join its direct sales team at various levels for selling Sharia-compliant banking products in all emirates”, the ad stated.

“Candidates should have relevant experience in selling any of the following: credit cards, personal finance, auto finance, SME products, Banca Takaful, home finance.”

This is part of a growth strategy to carve out a budget to push its consumer banking business forward, said a banker familiar with the plan.

DIB declined to comment when contacted by The National.

Banks are poised for aggressive expansion amid a recovery in the property sector.

Abu Dhabi’s First Gulf Bank in August said it wanted to build its investment banking business as it looks to increase its footprint in Asia. Abu Dhabi Islamic Bank has applied for licences in Algeria and Libya.

The UAE has the biggest banking sector in the Arabian Gulf region, with 51 foreign and local lenders operating in the country.

Shares of Dubai Islamic Bank have risen 109.5 per cent over the past year. They gained 0.2 per cent yesterday to close at Dh3.97 on the Dubai Financial Market.

Second-quarter profit at DIB beat analyst estimates this year. The lender made Dh418 million in the period ended June 30, up from Dh310m last year.

Analysts at EFG Hermes and Deutsche Bank had expected a second-quarter profit of Dh361m.

Last month, the lender said it had settled Dh4 billion worth of liabilities at its subsidiary Tamweel, two years ahead of maturity.

DIB owns about 90 per cent of Tamweel, an Islamic mortgage lender. In March DIB, the controlling shareholder, made a tender offer to buy outstanding shares of Tamweel from minority shareholders.

halsayegh@thenational.ae