Lahore – October-2023: Bank Alfalah, one of leading commercial banks in Pakistan, inaugurated its international branch at the Shaikh Zayed Road (in the dynamic city of Dubai relocated from Al-Khaleej Building, Zaabeel Street) to provide tailored wholesale banking solutions to corporate clients in Dubai.
The inauguration of the Dubai branch was presided over by the Chairman of the Bank, His Excellency Sheikh Nahayan Mabarak Al Nahayan, signifying the initiation of an exciting new chapter in the journey of Bank Alfalah as it extends banking services to a broader regional audience. The United Arab Emirates is widely recognised as an international financial services center. With Bank Alfalah’s presence in the region, its vision is to be the best in its class for the banking industry in Pakistan and other countries to provide excellent customer service.
The launch of this branch reflects their strong belief that the economic climate in Dubai, in the United Arab Emirates, in the region, and indeed in the world, continues to require banking services tailored to meet customers’ growing needs and expectations.
The United Arab Emirates, by several important measures, is widely recognised as an international financial services center. Under the leadership of His Highness the President, Sheikh Mohammed bin Zayed Al-Nahyan, the UAE plays an increasingly pivotal role in trade and investment, both regionally and globally. With the President’s leadership and guidance, this country is committed to maintaining vigorous growth, promoting regional progress, and infusing the global economy with vitality and strength.
Dubai itself exemplifies the UAE’s intention to be a major hub in the global economy, thanks to the remarkable and enlightened leadership of its Ruler, Vice President, and Prime Minister, His Highness Sheikh Mohammed bin Rashid Al-Maktoum, and his limitless imagination and tireless work for development and prosperity.
The Bank Alfalah Dubai branch will offer wholesale banking services in domestic and major international currencies. Term deposit accounts with flexible tenures will be available to align with the liquidity requirements of clients in all major global currencies.
The services additionally include local and international fund transfers, salary transfers, bank guarantees and term loans. Bank Alfalah’s adept trade finance team will deliver personalised trade services such as Letter of Credit (LC) issuance, advising and confirmations, inward and outward documentary collections, and financing against import and export bills. The in-house treasury team is equipped to manage foreign exchange requirements and provide expert guidance on financial products and services.
Inaugurating the branch, the Chairman of the Bank, His Excellency Sheikh Nahayan Mabarak Al Nahayan, said “I am delighted to inaugurate the Bank Alfalah Branch in Dubai. This reflects our commitment to providing exceptional banking services in the dynamic financial landscape of the UAE. The launch of this branch reflects our strong belief that the economic climate in Dubai, in the United Arab Emirates, in the region, and indeed in the world continues to require banking services tailored to meet customers’ growing needs and expectations.”
He further added that “The Bank has guaranteed its own stability, and has secured its present and future success, by honouring the ethical means for conducting business. The custodians and employees of the Bank are proud to be associated with a leading institution that stands for quality and excellence in the field. They are proud of the Bank’s fine reputation, and its long traditions of transparency, innovation, service, best practices in banking and financial services, as well as building trust and long relationships with its customers.”
Atif Bajwa, President and CEO of Bank Alfalah, said, “We are pleased to bring our comprehensive wholesale banking solutions catering to diverse corporate clients in UAE’s flagship branch at the Shaikh Zayed Road. This expansion reflects our dedication to delivering service and support to businesses by offering exceptional banking services.”
Bank Alfalah aims to expand its services beyond Pakistan with a dedicated wholesale branch providing personalised service to corporate clients in the UAE. The branch will utilise technology and digitalisation to broaden client outreach and access a larger market in the UAE. The Bank wants to leverage these advancements and provide internet banking solutions, ensuring convenient access to banking services for corporate clients.
The launch comes as the world financial services industry is undergoing major changes. New models are emerging, product lines are expanding, digital innovations are becoming essential, and global developments are redefining the composition and nature of financial services. In addition, competition is growing more intense at every level of the industry, and the consumer has come to expect and appreciate the value of improved service. This opportunity offers Bank Alfalah to become an excellent local leader and establish itself as a leading Bank with a focus on innovative products and services aimed at customer satisfaction. They are confident of this Branch’s future and are pursuing the realization of that future with focus, intensity, and dedication.
Bank Alfalah has long been committed to the financial well-being of Pakistan and to the country’s important place in the global investment community. The inauguration revolved around the intention and resolve of Bank Alfalah to be an active participant in the United Arab Emirates’ vigorous growth and prosperity. His Excellency Sheikh Nahayan Mabarak Al Nahayan concluded the event by saying that it is a source of pleasure to be among friends who value and support the exemplary relationships of brotherhood and cooperation between Pakistan and the UAE. The strong confidence that the bond between the two countries will continue to grow and strengthen, and that Pakistan and the United Arab Emirates will move forward together towards a more peaceful and prosperous world.
