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Dar Al Sharia to provide Oman's Bank Sohar with Islamic banking consultancy services

Dar Al Sharia to help Bank Sohar develop a dedicated Islamic banking window
Dubai, March 24, 2012: Dar Al Sharia Legal & Financial Consultancy, Dubai Islamic Bank 's ( DIB ) Sharia consultancy and Sharia advisory subsidiary, announced today that it has entered into an agreement to provide consultancy services to Bank Sohar , the fourth largest bank in Oman. Following last year's decision by the Central Bank of Oman to allow banks in the Sultanate to offer dedicated Islamic banking windows, Dar Al Sharia will help Bank Sohar to bring authentic Sharia-compliant banking products and services to customers in Oman.

Under the agreement, Dar Al Sharia will advise Bank Sohar on the development of Sharia-compliant products, as well as on matters concerning Sharia governance and Sharia documentation. Bank Sohar has identified three key areas to ensure that its Islamic window is genuine and authentic, namely, the proper training and development of staff; a certified Islamic banking system of operations; and products that are fully grounded in Sharia Law and supported by Fatawa from respected scholars.

Dr. Hussain Hamed Hassan, Managing Director of Dar Al Sharia, a renowned Sharia scholar and Chairman DIB Sharia Board said: "The move by Bank Sohar to begin Islamic banking operations is well timed, given the significant efforts of the Central Bank of Oman towards promoting the Islamic finance industry in the Sultanate. I am confident that the combination of Bank Sohar 's service excellence and Dar Al Sharia's unrivalled expertise and experience will succeed in providing the people of Oman with best-in-class Islamic banking products."

Dr. Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar , said: " Bank Sohar is pleased to partner with Dar Al Sharia, a reputed Sharia consultancy, to make sure that there is no compromise in the development of Sharia-compliant products, processes and systems, and to also make sure that employees are trained by experts from the region."

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About Dubai Islamic Bank :
Dubai Islamic Bank ( DIB ), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 74 branches in the UAE.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 75 branches across 30 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank

DIB has earned the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 86 local, regional and international accolades that it has won between 2008 and 2011. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. The bank's most recent awards include being named "Best Islamic Bank in UAE" for the fifth consecutive year by Islamic Finance News, "Best Islamic Bank" in the UAE for 2010 by NY-based Global Finance magazine, "Best Islamic Bank in the UAE" by Asiamoney magazine, and being named winner of the first-ever Pan-Arab emeafinance award for corporate social responsibility.

For further information, please contact:
Liam Turner / Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
E-mail: l.turner@asdaa.com / n.nesson@asdaa.com

© Press Release 2012

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