UAE’s largest Islamic bank Dubai Islamic Bank has launched Panin Dubai Syariah Bank in Indonesia. The bank acquired 40% stake in PT Bank Panin Syariah. DIB had earlier acquired around 25% shares of Bank Panin Syariah in May 2014. In the second phase of acquisition in 2015, it increased its shareholding to 40%. The bank has been rebranded to Panin Dubai Syariah Bank (PDSB), marking DIB’s first entry into the Asia-Pacific region. The bank will offer offers Islamic banking services in Indonesia. DIB has experience of doing business in Indonesia on key Sharia compliant transactions including the 2015 Garuda Airlines’ structuring for its $500 million five-year sukuk offering. DIB has substantial activities in Indonesia with more than $500 million investments on its proprietary book held to maturity.
