January 31 2011, Sharjah, UAE: United Arab Bank Islamic Credit Card has been recognized by Visa International with an award for successfully introducing the First Vertical Islamic Credit Card in the Middle East which further complements and strengthens the Bank's Islamic product offering in a truly innovative and distinctive fashion.

The award ceremony took place at the Coral Beach Resort in Sharjah where the award was presented to UAB's Chairman, HE Sheikh Faisal Bin Sultan Bin Salem Al Qassimi by Mr. Stuart Isted, Business Leader, from Visa Inc. in the presence of UAB's Vice- Chairman, Omar Al Fardan who is also the Chairman of the National Bank of Oman, of other UAB Directors, and of Andrew Stevens, the Group CEO of the Commercial Bank Alliance comprising the Commercial Bank of Qatar, the National Bank of Oman, and United Arab Bank.

Sheikh Faisal Al Qassimi commented on the award saying: "To win this award is a clear indication of UAB's commitment to Islamic Banking and our vision to confirm our position amongst the leading banks in the region offering a comprehensive range of Islamic banking services. The Bank has made steady progress in recent years and is in excellent shape despite challenging market conditions. We are well positioned to grow and further nurture our distinctive banking tradition in both Conventional and Islamic banking within complete openness and transparency."

Paul Trowbridge, UAB's CEO said: "Recognizing and respecting the desires of a growing number of our valued clients to conduct their banking and financial transactions in accordance with Shari'ah principles, UAB has launched Islamic Banking. Focusing on client needs coupled with building long-lasting relationships with them will continue to be the drivers of UAB's future growth and success. Our Shari'ah compliant products and services, including UAB's Islamic Credit Card, are designed to cater to the needs of a wide segment of our customers."  

Mr. Kamran Siddiqi, Visa's General Manager for the region, stated: "Visa is committed to supporting and rewarding innovative work from our partner banks and we are very pleased to recognize UAB's Islamic Credit Card for its innovation and unique design."

Tom Smith, EVP, Group Head - Retail Banking, said: "I am very proud today to have won this award from Visa. Our Islamic Card is the first vertically designed Islamic Credit Card in the region. It has been carefully developed by a team of professionals with Islamic banking expertise in the wake of strong demand from customers of different income groups who wish to have a credit card that is fully compliant with the rules of Islamic Shari'ah and that offers numerous benefits and a truly distinctive look and feel."

UAB became part of a GCC regional banking alliance in December 2007 upon the acquisition of a 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatar's largest private sector bank. With the Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth.

In a challenging financial environment, United Arab Bank maintained earnings momentum recording net profit growth of 10% for the year ended 31 December 2010.

-Ends-

About United Arab Bank
Incorporated in 1975 with its headquarters in Sharjah, United Arab Bank (UAB) offers a range of financial services in both corporate and retail banking through thirteen offices and branches throughout the UAE. Acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates, the Bank has gained strong recognition in the corporate sector for the provision of structured finance solutions for complex banking transactions. With the launch of its Wealth Management and Islamic Banking Services, the Bank has grown its retail customer base, aiming to expand further.

Formerly established as a joint venture between UAE investors and Société Générale (SG), UAB became part of a GCC regional banking alliance in December 2007 on the acquisition of 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatar's largest private sector bank. With The Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth.

For more information please consult www.uab.ae

For more information please contact:
Fida El Samad
Head of Corporate Communications
United Arab Bank
P.O. Box 25022, Sharjah
UAE
Tel: 00971 6 5075531
Fax: 00971 6 5733479
Mob: 00971 50 4594132
Email: fida.elsamad@uab.ae

© Press Release 2011