Dubai Islamic Bank (DIB) has forayed into the Asia Pacific with the launch of Panin Dubai Syariah Bank (PDSB) in Indonesia.

The launch of PDSB follows DIB’s acquisition of about 40% stake in Indonesia’s Bank Panin Syariah in 2015.

Bank Panin Syariah has been rebranded to PDSB after the deal and will offer Islamic banking services in Indonesia.

DIB group CEO Adnan Chilwan said: “This acquisition is an important milestone for DIB. As the world’s first fully-fledged Islamic bank, we not only established a new banking model four decades ago, but also took on the responsibility to grow and develop the global Islamic finance market.

”One way we are doing this is through strategic partnerships and Bank Panin is a perfect partner for us in the Asia-Pacific region. As an established player with years of experience and local market knowledge, Bank Panin will enable us to progress our vision for Islamic finance in Indonesia and across the region.”