KARACHI: Novatex Limited has signed an agreement of Rs1 billion with Dubai Islamic Bank Pakistan Limited (DIBPL) for expansion of its PET resins plant.
As per a press release, Novatex Limited CEO Abdul Razak Diwan, DIBPL CEO Junaid Ahmed and senior Directors of the Group including Peer Mohammad Diwan, Iqbal Bilwani, Rizwan Diwan and Shabbir Diwan were present at the occasion along with senior management of DIBPL. The event was also attended by DIBPL’s Director Naved A. Khan.
Commenting on the occasion, Abdul Razak Diwan said “DIBPL and Novatex share the same vision to promote Islamic banking in Pakistan and commended the efforts of DIBPL in providing world class banking the Islamic way.”
Junaid Ahmed said that Dubai Islamic Bank being the pioneer Islamic banking institution globally is committed to the long-term prosperity of Pakistan and Islamic banking as a whole. He further said, Alhamdulillah, DIBPL is a Minimum Capital Requirement (MCR) compliant Bank that enjoys a short-term credit rating of ‘A-1’ and long-term credit rating of ‘A+’, with a “stable” outlook from JCR-VIS.
