Dubai, UAE May 1, 2013 - The Islamic Banking Division of United Arab Bank (UAB), the fastest growing bank in the UAE, has signed a memorandum of understanding (MoU) with Minhaj Advisory - one of the most prominent Shari'ah compliant consultancy in the region.

The services extended by Minhaj Advisory will include introduction of Shari'ah compliant products, contracts, supervision, auditing and training. Minhaj will form a Shari'ah Supervisory Board (SSB) with three reputable Islamic scholars at the helm to extend their guidance regarding provisions and principles of Shari'ah related to transactions and activities of the current and future Islamic products and services provided by UAB's Islamic banking division.

Sheikh Mohamed Al Nuaimi, Executive Vice-President, United Arab Bank informed: "Being the fastest growing bank, we always strive to offer the full range of banking products and services to our valued customers. This strategic alliance with Minhaj will help us engage and develop the skills of our Islamic division staff allowing them to serve this customer base better. Therefore, we are very pleased with this affiliation and look forward to working closely with this reputable regional Islamic entity."

UAB's Islamic banking division offers its clients a variety of Islamic products including Current Accounts, Savings Accounts, Investment Time Deposits, Goods Murabaha, Vehicle Murabaha, Tawarruq, Ijara Home Finance, Personal Finance and Islamic Credit Cards.  

Yusra Abdul Ghaffar Baqi, Head of Branches & Islamic Banking, said: "UAB's partnership with Minhaj Advisory is in line with the bank's strategy to provide Islamic products and Shari'ah compliant solutions to its customers across the UAE. The bank has partnered with Minhaj for its admirable reputation and impressive profile in providing Shari'ah compliant financial advisory services. Presently, UAB is providing many competitive Islamic products that will be further augmented in the coming days."

Dr Amin Fateh, Resident Shari'ah Advisor at Minhaj Advisory, added: "We are delighted with this association and our aim is to ensure that all banking activities carried out by UAB's Islamic banking division are in accordance with Shari'ah. Our guidance and recommendations will enable the bank to develop products and services in the light of Islamic laws."

The board of Minhaj Advisory is headed by Dr Abdul Sattar Abu Ghuddah, a prominent Islamic scholar, who has contributed greatly in the Islamic banking industry of the region. Minhaj has over 30 years experience in providing consulting and training services on Islamic financial products.

About United Arab Bank:
United Arab Bank (UAB) was established in 1975 as a joint venture between UAE investors and Societe Generale. The Bank is operating with a network of 20 branches and offices spread across the UAE with its headquarters in Sharjah. UAB offers a range of financial services in both Corporate and Retail and is acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates.

Through the provision of a comprehensive range of Corporate Banking, Retail Banking, Trade Finance, SME Banking and Treasury services, UAB is the Bank of choice among major corporate clientele segments in the UAE. With the launch of its 'Sadara' premium banking service, Islamic Banking Services and 'UAB Rewards' loyalty programme, the Bank has grown its retail customer base, aiming to expand further. All these initiatives and a consistent year on year performance has positioned UAB as one of the fastest growing banks in the region.

The bank is ranked 23rd amongst the top listed companies in the UAE and is one of the top 50 banks in the GCC in terms of market capitalization. UAB announced a record net profit of AED 410 million for the year ended 31 December 2012, an increase of 24% over 2011 and the highest annual net profit ever reported by UAB.

In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by The Commercial Bank of Qatar (Cb), Qatar's largest private sector bank. United Arab Bank's strong financial performance in 2012 is also indicative of the benefits gleaned from its strategic alliance with the Qatari Bank.

The Commercial Bank of Qatar has a similar alliance with National Bank of Oman (NBO), which has positioned all three banks more strongly for future growth. UAB is not only the fastest growing local bank but also is one of the most profitable. The Bank has the strategic vision and momentum to continue on its growth trajectory, as its executive team seeks to create long term value for its shareholders.

About UAB Islamic Banking:
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 opted to launch Islamic Banking to meet their growing demands and requirements. Focusing on client needs and building long-lasting relationships with our customers will continue to be the drivers of UAB's future growth and success. Our new Shari'ah compliant products and services will cater to the needs of a wide segment of our clientele. UAB Islamic Banking centers are presently located at most of our branches among UAE and are managed by a team of professionals who have tremendous experience in understanding client needs and providing innovative Shari'ah compliant financial solutions. All UAB Islamic Banking products are approved by a Shari'ah Supervisory Board consisting of prominent Islamic Scholars with a strong background in Islamic Law and Economics. The Board is actually responsible for reviewing, approving, and overseeing all Shari'ah product offerings, while ensuring, certifying, and endorsing strict adherence to the principles of Shari'ah in all our products and services. For more information please visit www.uab.ae

About Minhaj Advisory:
Minhaj is a registered company in Dubai and has reputed Shari'ah Advisory Board members specialized in providing consultations and training to leading Islamic financial institutions. Minhaj is committed to Shari'ah standards put forward by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It specializes in providing Shari'ah financial advisory services, forming Shari'ah Boards, supervision, Shari'ah auditing, revision and training for Islamic and traditional financial institutions. Minhaj provides services in Arabic and English languages. For more information please visit http:// http://www.minhajadvisory.com

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© Press Release 2013