Commercial Bank International (CBI) is set to exit the Islamic finance space to focus on its core conventional banking business.

The bank, listed on the Abu Dhabi Securities Exchange (ADX), has just obtained approval from the UAE Central Bank to shut down its "Islamic Window", the department that manages Shariah-compliant products.

"The closure will be implemented in an orderly and controlled manner, in full compliance with the relevant regulatory and Shariah requirements," the bank said on Tuesday.

It assured customers that it will ensure seamless service continuity during the transition and that the process will not impact its finances or operations.

"The bank will maintain regular communication and provide dedicated support to address all customer needs during this period."

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com