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Dubai: Commercial Bank International (CBI) has launched Al Islami, the Bank's Islamic Banking window, which offers a wide range of Shari'a compliant financial solutions and banking services aimed at the corporate financial world. Guided by leading international Shari'a advisor, the Shariyah Review Bureau - which will provide consultancy and audit support to CBI - Al Islami will offer a suite of corporate banking products catering to its customers' financial needs and requirements.
CBI Chairman, Mohammed Sultan Al Qadi, inaugurated Al Islami in a ribbon cutting ceremony, attended by CBI's Chief Executive Officer, Head of Islamic Banking and CBI senior officers, at its branch within the Bank's head office. He commented:
"The Islamic financial services sector is one of the fastest growing segments of the UAE banking industry, with sharia-compliant assets predicted to reach $263 billion by 2019. CBI has launched Al Islami in response to this growing demand and to build on the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who sees Dubai as the world capital in Islamic economy. CBI Al Islami aims to better address customer requirements for banking and financial transactions that are in line with Shari'a principles, as we build on our strategy to become a leading player in the provision of Islamic banking solutions in the region."
Mark Robinson, CBI's Chief Executive Officer, said: "CBI Al Islami provides our clients with a full range of sharia-compliant retail and corporate products that adhere to the highest ethical standards. Launching this enhanced offer is a strategic priority for CBI as we transform the bank and continue to grow market share across the UAE".
Ali Sultan Al Amri, Head of Wholesale Banking, noted that the launch of the Islamic Banking window, on the heels of recruiting Mamoon Abdelkader as Head of Islamic Banking earlier this year, demonstrates the Bank's commitment to providing the best experience to its customers.
Further elaborating on the launch of Al Islami, Mamoon Abdelkader, Head of Islamic Banking said: "The future of Islamic banking in the region looks very promising, as Shari'a compliant products and services become more mainstream and Dubai advances toward becoming the global Islamic financial capital of the world. The introduction of our Islamic banking window will allow CBI to consolidate its position within this growing market."
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About Commercial Bank International (CBI)
Commercial Bank International (CBI) was incorporated in 1991 in the Emirate of Ras Al Khaimah. With its headquarters in Dubai, CBI today operates with a network of 27 branches and 131 ATMs spread across the UAE and a growing presence in transaction banking and technology-driven delivery channels.
The Bank offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in both Corporate and Retail Banking, ranging from personal account services to finance for homes and automobiles to commercial loans and project support.
Supported by its strategic partnership with Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region, since QNB's acquisition of 40% of CBI shares in 2012, and a customer-centric approach, CBI is well positioned for growth.
CBI's shares are listed on the Abu Dhabi Securities exchange (ADX).
For more information on CBI, please visit cbiuae.com.
Media contact:
Mohamed Al Tajer
+971 (0) 4 212 6474
Mohamed.AlTajer@cbi.ae
Will Anderson/ Racha Mourtada
+971 (0) 2 234 4600
+971 (0) 4 446 6270
cbigulf@brunswickgroup.com
© Press Release 2015
