Mashreq launches Islamic Banking Division 'Mashreq Al Islami'
13 March 2010
United Arab Emirates-Dubai, 13 March 2010: Mashreq Group announced today the introduction of its Islamic Banking Division, 'Mashreq Al Islami', made available to customers throughout all of its 58 branches in the UAE.
Initially established in 2006 as 'Badr Al Islami', the Islamic Banking Division of Mashreqbank has been advised by the world’s most respected Sharia’h Supervisory Board, comprising of Sheikh Abdalla Bin Suliman Al-Manei as Chairman with Sheikh Nizam Yaqouby and Sheikh Dr. Mohammed Al-Gari, who will continue to guide ‘Mashreq Al Islami’ the official Islamic service provider for all Mashreq Group related instruments.
Commenting on the launch H.E. Abdul Aziz Al Ghurair, CEO of Mashreq said, “Islamic banking is expected to contribute around 30% of the total banking sector in the next 3 years in the UAE, underpinning the importance of this market segment. Islamic banking is becoming increasingly preferred as an alternative to mainstream banking for all banking & finance segments and attracts all types of customer. As a result of its growing importance and as part of Mashreq’s commitment to be the region’s most convenient and accessible financial institution, we have taken our Islamic offering mainstream to enhance our overall customer experience.”
‘Mashreq Al Islami’ will focus on offering a full suite of Sharia’h Compliant products and services, with a host of new products to be rolled out during 2010 to both retail and corporate customers. Mashreq Al Islami will also provide Islamic Advisory Services, Structuring Finance Solutions, Sukuk Advisory, Islamic Investment Products, Islamic Treasury Products etc.
“The move to ‘Mashreq Al Islami’ is part of the natural evolution of the business. Over the course of the past three years we have focused our attention on developing Sharia’h Compliant Islamic products and services in the field of corporate finance, project finance, Sukuk’s and other products. By taking these services mainstream under the “Mashreq Al Islami” brand, customers will directly benefit from Mashreq’s 40 years of banking and finance experience across the region, its wide network of branches and strong reputation in both retail and corporate finance.” Said Moinuddin Malim, CEO of Mashreq Al Islami.
Mashreq Al Islami is being led by a fully independent and experienced management team. As the Islamic products and services will be marketed throughout all of the existing Mashreq outlets, existing Mashreq personnel are being trained and Shari’ah Certified. All staff operating in Mashreq branches will be qualified to advise on Shari’ah-compliant products and services.
For more information on Mashreq Al Islami log on to www.mashreqalislami.com or call 04- 4244411
Mashreq Al Islami - Shari’ah Supervisory Board:
The Shari’ah Supervisory Board is chaired by Sheikh Abdalla Ben Suliman Al-Manei, one of the world's most respected scholars from the Kingdom of Saudi Arabia and a member of the Senior Ulema Board in Saudi Arabia since its inception. He is also a Member of the Islami Fiqh Academy in Jeddah and former Deputy President of Makkah Courts. Besides advising numerous Financial Institutions, he is also the Advisor for Religious Affairs in the Royal Court of the Kingdom of Saudi Arabia.
Sheikh Nizam Yaqouby is the second member of the Shari’ah Supervisory Board. Sheikh Nizam Yaqouby holds a degree in Economics and Comparative Religion from McGill University and a degree in Shari’ah Law. Sheikh Nizam is one of the leading Shari’ah Scholar and a member of Shari’ah Boards of various financial institutions around the world.
The third member is Sheikh Dr. Mohammed Al Gari, who holds a Ph. D in Economics from the University of California in Islamic Economics and was formerly Professor of Islamic Economics at King Abdul Aziz University in Jeddah. Dr. Al Gari is a member of the International Fiqh Academy and a member of Shari’ah Supervisory Boards of many financial institutions around the world.