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Transcript of Law Reportt Dubai Isl[1]..Bankng
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Term Report: Business and Labor Laws
PROJECT REPORT
TITLE: HR DEPARTMENT OF DUBAI ISLAMIC BANK
SUBMITTED TO
MR AFZAL JANJUA
SUBMITTED BY
ANUM KALEEM SIDDIQUI
(SP08-BB-0023)
SANIYA ASHIQ ALI
(SP08-BB-0101)
COURSE TITLE
BUSINESS AND LABOR LAWS (SECTION D)
TABLE OF CONTENTS
1. Letter of transmittal 32. Acknowledgement 43. Methodologies 54. Executive summary 65. Mission 86. Vision 97. Values 108. History 11
9. Introduction of DIBP 1210. Introduction to Human Resources Department 13
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11.Functions of Human Resources Department 1512. Importance of HR department 1613.HR for mangers or employees? 1814.Analysis of questionnaire 20
15.Conclusion 2316.References 2417.Appendix 25
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LETTER OF TRANSMITTAL
March 20th, 2008Sir M. Afzal Janjua,Mohammad Ali Jinnah University,
Department of Business Administration22-E-BLOCK-6P.E.C.H.S, Karachi
Respected Sir,We herewith present our Term Report assigned by you as a requirementof our course Business and Labor Laws on the HR Department of DubaiIslamic Bank and implementation of legal policies in the Bank.
This report is the result of work completed at the Dubai Islamic Bank,Clifton branch. In the course of this work we got a lot of informationregarding the actual working and use of HR strategies in a bank.
Through the project report, we were given the opportunity to learn muchabout all the different parts related to HR and law departments. I feel thatthis knowledge will be helpful in future work terms, and in our career.
We thank you for your consultation & guidance in this project ad forproviding us with the opportunity to conduct this project report.Sincerely,
-------------------------------------------
ANUM KALEEM SANIYA ASHIQ ALI
(SP08-BB-0023) (SP08-BB-0101)
ACKNOWLEDGEMENT:
In the name of Allah, the Beneficent, and the Merciful Who gave usstrength and capability to complete this term report. This report is a partof our course of Business and Labor Laws and is completed by thecombined efforts of Anum Kaleem Siddiqui and Saniya Ashiq Ali.
Nothing is possible without someones assistance and support. We arethankful to all those who assisted, guided and supported us in completingthis report.
First of all, we would like to express our gratitude to our course instructor
Mr. M. Afzal Janjua, who gave us a chance to work on this report andprovided us with all the help and support we needed.
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We would also like to thank Mr. Akbar, senior HR Manager of Dubai IslamicBank, Clifton branch, for giving us his precious time and explaining us theworking of their department and the role, working and importance of HRand law in the banking sector.
Last, but definitely not the least, we are thankful to all our friends and fellows who helpedus by giving their advices and comments which helped us a lot in the completion of thisproject report.
METHODOLOGIES
The basic purpose of this report is to give an overview of the working ofHR department and implementation of legal policies at Bank, Cliftonbranch.
To be able to construct this report, we discussed the report topic with ourfriends, who are studying HR our course book and constructed somequestions out of our study, then those questions were given a form ofquestionnaire and the final questionnaire was prepared.
We visited the Clifton branch of the Dubai Islamic Bank and got theanswers of our questions from the Senior Officer of the HR department ofthe Bank.
The answers we got from the respected senior officer, Mr. Akbar, helpedus in analyzing and understanding the role of HR and implementation oflegal policies and law in banking sector. This report contains our viewsand analysis of the functions of HR department of Bank and how theyimplement law in their organization.
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EXECUTIVE SUMMARY
The Dubai Islamic Bank (DIB), established in 1975, was one of the first
Islamicbanks in the UAE. The bank offers a range of Islamic commercial banking
as well
as investment banking including advisory and asset management. DIB
ranked as the
sixth largest commercial bank and the largest Islamic bank in the UAE in
terms
of total assets, which amounted to AED64.4 billion (USD17.5 billion) by the
close of 2006.
DIB expanded its branch network from 12 branches in 2002 to 50
branches as of November 2008 throughout the UAE. DIB further expanded
its banking operations into Iran, Pakistan and Sudan. The bank has a
diversified portfolio of subsidiaries
operating across various industries including financial services, shipping
and
realestate. Within its corporate banking activities, DIB places special
emphasis on
contracting and real estate financing.
THE Dubai Islamic Bank is the first Islamic bank introduced in Pakistan. It
was introduced in Karachi, Pakistan on March 26, 2008.
The vision of DIB is to be the leading provider of world class banking theIslamic way by being the first choice of customers and our employees, andtheir mission is to introduce and advance in the use of innovation, talentand technology.
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MissionInnovation, Talent andtechnology.
Vision
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Dubai Islamic Bank Pakistan
Limited('DIBPL') will be the
leading provider of world class
banking the Islamic way by
being the first choice of our
customers and our employees
Values
TrustListening
InnovationSocial Responsibility
Fun
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HISTORY OF DUBAI ISLAMIC BANK
Incorporated in 1975 in Dubai, the Dubai Islamic Bank was the first bankspecialized exclusively in Islamic financing instruments, in the world. Thebank operates all types of financial and banking services in accordancewith the Islamic sharia that prohibits usury.
Following the capital increase conducted in 1998, the Government ofDubai became one of the major shareholders controlling 30% of the bank.The branch network included 9 offices in 1998, in addition to theheadquarters. By 2002 the number of branches rose to 16.
Since its formation in 1975 as the worlds first full-service Islamic bank,DIB has established itself as the undisputed leader in its field, setting thestandards for others to follow as the trend towards Islamic bankinggathers momentum in the Arab world and internationally.
Today, Islamic banking is increasingly recognized as a fairer alternative totraditional commercial banking and is consequently attracting many non-Islamic customers motivated by the systems inherent commitment totransparency and ethical values. Thats why Islamic banking now one of the worlds fastest-growing
economic sectors, comprising close on 200 institutions responsible forassets estimated at more than $200 billion.
And Dubai Islamic Bank still leads the way, remaining true to its roots as acustomer-centered organization where close personal service andunderstanding form the basis of all its relationships. Tradition andheritage join with a commitment to flexibility, innovation and modernity,so that customers of every nature are provided with comprehensivesolutions to all their financial needs
INTRODUCTION
The State Bank of Pakistan (SBP) awarded to Dubai Islamic Bank PakistanLimited(DIBPL), the license for the establishment of its operations inPakistan on Saturday, November 26, 2005. Since then, DIBPL hasundertaken major initiatives to expand its branch network across thecountry. Under its consumer banking division, the bank is offering state-of-the-art Sharia compliant products that effectively compete with thosebeing offered in the market by conventional banks. This is not the Banks
only strength though. It also has expertise in providing Retail, Private,
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Small and Medium Enterprises, Corporate, Investment Banking andadvisory services.
Dubai Islamic Bank (DIB) launched its operations in Pakistan, with openingof its first branch in the commercial city of Karachi on March 28 by Dr.
Mohamed Khalfan bin Khirbash, UAE Minister of State for Finance andIndustry and Chairman of DIB and Mr. Saad Abdul Razak, CEO of DIB andother senior officials of the bank. With opening of Shaheed-e-Millat Roadbranch, DIBPL network now stands at 25 branches in nine cities andexpected to further expand in coming months.
The Bank has launched Pakistan's first Islamic Visa Debit Card andintroduced financial products covering Home Financing, AutoFinancing, and Depository products.DIBPL has also introduced Priority Banking and Internet Banking, both ofwhich are being recognized as benchmark products in their respectivecategories. Besides regular banking services, the Bank is committed tobringing foreign investment to the country. DIBPL's corporate wing hasactively pursued foreign investors and convinced world renowned giantsfrom the GCC to be part of Pakistan's economy.
DIBPL is a Public Limited company. Its total worth is Rs. 5.1 billion whichwill gradually increase to Rs. 6 billion. DIBPL is 100% owned by DubaiIslamic Bank PJSC (Public Joint Stock Company) and its nominatedshareholders. The parent company is a listed company in Dubai.
WHAT IS A HUMAN RESOURCES DEPARTMENT?
Departments are the entities organizations form to organize people,reporting relationships, and work in a way that best supports theaccomplishment of the organization's goals. Departments are usuallyorganized by functions such as human resources, marketing,administration, and sales.
As in today's business an enterprise is very large so much that it has anumber of its branch all over the world. As the business is engaged in somany activities so it doesn't have the time to concentrate on thingspertaining to employees. So for this reason there is a department made
'human resources department'. The basic reason of this department is towork hand in hand with the employer as well as the employee. It has tomanage within the minimum cost the benefits and requirements of theemployees. As there are certain needs of humans which are unpredictableso an HR department must be active enough to participate in thechanges.
The forward thinking human resource department is devoted to providingeffective policies, procedures, and people-friendly guidelines and supportwithin companies. Additionally, the human resource function serves to
make sure that the company mission, vision, values or guiding principles,
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the company metrics, and the factors that keep the company guidedtoward success are optimized.
The most common Human Resource jobs that are grouped in the HumanResource Department are the Human Resources Director, Human
Resources Generalist, and Human Resources Assistant. Additionally, someorganizations have a Vice President of Human Resources and employeeswho are organized around providing a specific component of HumanResource services including compensation, training, organizationdevelopment, and safety.
THE FUCTIONS OF HR DEPARTMENT
Training and Development:
This department deals with the development and training of the staffto meet the requirements of the jobs. These training can be obtainedthrough the internet or any institution... Many a times the organizationalso arranges these programs for the training the staff. There aretoday many website providing the facility. They tend to develop theirpersonals according to their job criteria for e.g. a call center mighttrain its personals in communication whereas a bank would train its
personal in banking stuff. That depends on the enterprise how andwhat it wants through its employees.
Labor Relations:
Labor relation department deals with the requirement and needs of thelabors and how to manage them. It manages the facilities provided tothe personals like the medical facility, loans, transportation etc. Apersonal of this department must be well trained so that he doesn'tgets confused by the ups and downs of the business specially theconflicts between employees and employer.
Strategic HR:
This department works on the appointing and firing of an employee.The salary of an employee according to the work he is about to give.His facilities which he will avail from the company. His conflicts with hiscolleagues and the employer. But all this has to be done in the budgetof the companies or the amount given.
Global HR:
Where there are huge enterprises there are a number of their setupsall over the world. The function of this department is to handle the
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setups and the employees which are going to work in there. Againtheir salaries and all facility but the difference from the above one liesthat this part is directly not related with the employee's in fact, here itcontacts the strategic HR and gets to know the employees problemsand then it works on then.
In today's world it is necessary that there should be an HR department in
an enterprise to keep the conflict of the employees far away form
affecting the business. Many a times it happens that not fulfilling the
demands the employees' rude behavior affects the business and its
dealings.
IMPORTANCE OF HR DEPARTMENT
For any business these days, scaling the heights of success is not alwaysan easy task. This is because today's corporate world has becomeextremely complex and intricate. For any business to succeed nowadays itis very important that the organization's employees play a key role. Thisdoes not only refer to employees doing the best job possible, but it also
means that every employee must be right for the job that they are doing.
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What this translates into is that every employee who is working at his orher own position is the best possible candidate for that job.
While all this is easily possible in a small business organization, it is verydifficult to accomplish in big businesses. The reason behind this is that big
companies have very little direct contact between their top managementexecutives and their regular employees. This is where the humanresources department comes into play. The human resource departmentof a business not only helps to maintain the most important asset of thecompany - the employees - but it also helps in protecting employeesrights aswell.
The purpose of having a human resources department is to establish,develop, maintain, and communicate office policies throughout the entirecompany and to represent, help, advise, and consult with the employees,while simultaneously keeping the overall best interests of the company inmind. A human resource department develops hiring plans and recruitingpolicies, as well as handles compensation and salary administration. Italso works for affirmative action and handles employee relations,separations, contracts, performance reviews, benefits, 401k and pensionplans. Most human resource departments also develop officialdocumentation, workplace ethics/code of conduct, employee handbooks,employee training programs, award/reward programs and communityconnections as well.
While the above is a classic definition of what a human resource
department does, nowadays the HR department in most companies ismore involved and has a more hands on, active role in an organization.Current human resource departments now balance more responsibilitiesas they also discuss the strategic planning of a business with topexecutives. HR managers in today's day and age lead the way in not onlymaking recommendations, but also initiate policy changes.
Today top executives now understand that that having a human resourcedepartment is key to ensuring economic success. This is because a goodhuman resource department not only helps to boost the morale andefficiency of employees, but also restricts and limits job turnovers as well.
The purpose of human resource departments is thus to basically utilize anemployee's abilities effectively by coaching them to maximize thoseabilities, while simultaneously improving their working environment sothat they are assuredjobsatisfaction.
Handling people is always difficult and difficult people are always hard tohandle, however with the help of a human resource department,employees can work together as a cohesive unit to not only solidify thecompany but to rake in the profits as well. Human resource personnelunderstand the psyche of a person so that they can motivate and
stimulate employees to work not only more efficiently but more effectivelyaswell.
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Thus ultimately the purpose of having a human resource departmentcomes down to wanting a cordial and friendly atmosphere whereemployees can work side by side with their peers to create an effectivebusiness mechanism.
FOR WHOM DOES HR DEPARTMENT WORK, MANAGERSOR THE EMPLOYEES?
It's not unusual for HR departments and factions within each departmentto debate for hours about "who is their customer?" For HR departmentswhose goal is to become a strategic partner that debate should endquickly. All strategic businesspersons define their customer as theultimate end-customer of the firms products or services. Everyone andfunction inside the firm should have as their priority increasing value tothe end customer. However, when providing services internally it is also
important to define the internal customer.
During the 1990s most HR executives listed earning a seat at theexecutive table as their most important goal. Fortunately, many HRleaders succeeded and now enjoy a new level of visibility that hasdramatically changed the game and redefined the internal customer of HRservices. To those who have achieved senior leadership team status andthose currently pursuing it, it should become abundantly clear that if youwish to demonstrate strategic impact, you must define "your internalcustomers" as the other senior managers of the corporation. There are avariety of reasons why senior managers must become your primary HRcustomer. They include:
The senior managers are "by definition" strategic. They control resourcesand business units and as a result, anyone expecting to have a strategicimpact must seek their cooperation and support. Few if any mid-levelmanagers or employees can ever have a strategic impact, so definingthem as customers ends any chance of producing strategic results.
Senior managers have supervisory responsibility for the line managersunder them. As a result, their influence and cooperation are needed to
help persuade managers and supervisors to follow your advice and utilizeyour programs.
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If HR executives want to be consulted in other areas of management, theymust first establish a track record within HR of advocating productivity,profit and attainment of corporate goals that are shared by othermembers of the senior management team.
These points highlight the need to establish upfront that the seniormanagers of the corporation (general managers and above) are HR'sprimary internal customers. HR must identify the senior managersbusiness objectives and their expectations when it comes to HR and thendesign systems to ensure that HR is contributing directly to meeting thoseneeds and objectives. All HR plans, services and performance metricsmust be designed with the goals and objectives of this customer set inmind.
Naming senior managers as a primary HR customer has been known to"irritate" some HR traditionalists. Because they feel so strongly that HRshould be an employee advocate its appropriate to spend a little timedemonstrating the negative business consequences of such an approach.
LAW AND HR IN DUBAI ISLAMIC BANK:
We got our questionnaire filled by a senior officer of the HR department at the Dubai Islamic
Bank. Below is the analysis of the questionnaire.
1.MAIN DUTIES OF HR EMPLOYEE:
Mr. Akbar told us the following three duties as the basic part of an HR job:
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Employment and placement.
Employment and placement managers supervise the hiring and separation of employees.
They also supervise employment, recruitment, and placement specialists, including
recruitment specialists and employment interviewers.
Compensation, benefits, and job analysis.
Occupational analysts, Compensation manager, Employee benefits managers and specialists
Employee assistance plan managers
Training and development.
We conduct and supervise training and development programs for employees. Training offers
a way of developing skills, enhancing productivity and quality of work, and building worker
loyalty to the firm, and most importantly, increasing individual and organizationalperformance
2. TRAININGS AND WORKSHOPS
When asked about to what extent does the DIB promote its employees for participating in
activities and training programs, he said that they greatly motivate all the employees to take
active part in all the activities, workshops, training programs etc.
3. WOMEN REPRESENTATION
When we asked him about the percentage of women employees in the bank, he said that there
are approximately 41% to 60% women employees working in DIB.
4. GENDER DISCRIMINATION
We then enquired if they face any kind of gender discriminations at the workplace. To this
his answer was no. he said there are no gender differences and that all the employees are
treated as equal.
5. MAINTAINING EMPLOYEE RECORDS
the DIB is in practice of maintaining all the records and files of their employees. They
maintain job descriptions, leave records, appraisal records, contract letters and everything and
anything else related to the employees.
6. STRATEGIES FOR IMPROVING HR DEPARTMENT:
1. Make training desirable. Some of the most successful companies in the world offer
training retreats in desirable travel destinations as rewards for top performing department
heads, sales teams, or operational managers. The awarding of these trips is dependent on the
achievement of specific organizational profit goals. When these goals are achieved, the top
performers attend a three to seven day training retreat in a tropical destination. Half the time
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is for training while the other half is for enjoying the location. Everyone benefits: the
company, the employees, and the HR department.
2. Implement a mentorship program. Develop a company wide mentorship program that
matches up senior executives with junior managers who demonstrate leadership potential.Most of the effort involved in running mentorship programs is required at the outset to ensure
it is properly designed. A list of objectives and actions for both the mentor and the protg
must be established. Once established these programs are incredibly valuable and cost little to
maintain yet their effect on the organization can be profound.
3. Introduce database management softwares: at present, the employee records and
databases are maintained and updated manually by the staff. There is need for some softwares
that can help in managing and updating the records automatically so that the employees could
focus more on other tasks.
These strategies can profoundly affect the health and performance of the organization if
implemented. By using these valuable strategies, the human resource department can
effectively get the stature and respect it rightfully deserves.
7. LEGAL PROBLEMS FACED
When asked about the legal problems faced in the organization, Mr. Akbar said that they do
not face any major legal problems. There are very minor legal problems which are dealt by
the senior HR officers.
8. LAW DEPARTMENT
Since the legal problems faced are not many and almost negligible. That is why they do not
feel any need of a law department. There is no law department in DIB at present because they
do not need it as such. The minor legal problems that occur are managed and solved by the
senior HR managers.
9. AFFECT OF HR ON THE ORGANIZATION
ACCORDING TO Mr. Akbar, the HR performance affects around 80 to 90% performance of
the organization overall. HR department is the backbone of any organization and without awell maintained and organized HR department no organization can progress. It is of great
importance.
10. CRITERIA OF HIRING
When we asked about the criteria of hiring employees in DIB, he told us that they mainly
look for intelligence, creativity, decision making ability, experience and qualification of the
candidate. He said they ask him practical questions in order to judge all these qualities.
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CONCLUSION:
Human recourse department has been a key resource in Dubai Islamic bank. HR
department support to the management teams and has been involved in variety of
value adding roles through facilitation and implementation of change management
programs, reorganization and restructuring.
The HR department of Dubai Islamic bank HR has command over drafting and
implementing HR Policies and Procedures; Managing Performance Appraisal
System; Conducting Training/Developmental Need Assessment; Facilitating
Management Training; Managing Employees' Compensation and Benefits; Dealing
with and Managing Union Management Agreements and strategic HR planning and
development. They strongly believe in continuous improvement and change.
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REFERENCES
http://www.dibpak.com/ContactUs.aspx
http://www.alislami.ae/en/index.htm
http://www.dibpak.com/Search.aspx?q=branch%20network
http://www.ameinfo.com/81775.html
http://www.tyo.ca/islambank.community/modules.php?
op=modload&name=News&file=article&sid=2233
http://www.uae.superbrandsmena.com/spreads/dubai_islamic_bank.pdf -
www.dib.ae/en/downloads/s-and-p_dib-ratingaction23dec.pdf -
www.careerjet.ae/jobs/d/dubai_islamic_bank_jobs.html - 27k -
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APPENDIX
BRANCH NETWORK OF DUBAI ISLAMIC BANK IN KARACHI
BRACH NAME ADDRESS
1. Avari Dubai Islamic bank Pak. Ltd
Avari branch, 242, 243 staff lines, Fatimah Jinnah Road,
Karachi.
2. Gulshan Plot No. 7/FL-6Block 6, Gulshan-e-Iqbal, Karachi.
3. Cloth market Cloth Market Branch, plot#18, 3rd building, facing
Hussaini cloth market, bunder quarter, Kharadar,
Karachi.
4. Hassan Chambers Hassan Chambers Plot DC-7, Block 7, Clifton, Karachi.
5. Khayaban-e-
Shahbaz
31-c, Khayaban-e-shahbaz, DHA, Karachi.
6. Shaheed-e-Millat
Branch
Shop#1, Dolmen Arcade, Bahadurabad, Karachi.
7. Ittehad Branch 92-C, tt11th Commersial Street, Phase 11, Ext. ,
Khayaban-e-Ittehad, DHA, Karachi.
8. Haideri Branch D-6-B, Block D, North Nazimabad, Karachi
9. Dubai-Lounge
Shahbaz Branch
Khayaban-e-Shahbaz, DHA, Phase VI, Karachi.
10. Offsite ATM Qasim International Container, Terminal Berths 5, 6 and
7, Marginal Wharves, Port Mohammad Bin Qasim,
Karachi.
OTHER BRANCHES
Other branches are located in:
Multan (1 branch)
Gwadar (1 branch)
Lahore (5 branches)
Faisalabad (1 brach)
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Gujranwala (1 branch)
Gujrat (1 branch)
Rawalpindi (2 branch)
Islamabad (2 branches)
Peshawar (1 bramch)
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