CBI launches Islamic banking window

Commercial Bank International (CBI) has launched its Islamic Banking window.

08 November 2015
DOHA: Commercial Bank International (CBI), a Dubai-based conventional lender, has launched its Islamic Banking window -- Al Islami-- which offers a wide range of Shari'ah-compliant financial solutions and banking services aimed at the corporate financial world.

CBI's shares are listed on the Abu Dhabi Securities exchange. The initiative is supported by its strategic partnership with Qatar National Bank (QNB), which acquired 40 percent of CBI shares in 2012. Guided by leading international Shari'ah adviser, the Shariyah Review Bureau -- which will provide consultancy and audit support to CBI -- Al Islami will offer a suite of corporate banking products catering to its customers' financial needs and requirements.

Mohammed Sultan Al Qadi, CBI Chairman, inaugurated Al Islami in a ribbon cutting ceremony, attended by CBI's CEO, Head of Islamic Banking and CBI senior officers, at its branch within the Bank's head office.

Al Qadi said: "The Islamic financial services sector is one of the fastest growing segments of the UAE banking industry, with Sharia'h-compliant assets predicted to reach $263bn by 2019. CBI has launched Al Islami in response to this growing demand and to build on the vision of 

H H Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who sees Dubai as the world capital in Islamic economy. CBI Al Islami aims to better address customer requirements for banking and financial transactions that are in line with Shari'ah principles, as we build on our strategy to become a leading player in the provision of Islamic banking solutions in the region."

Mark Robinson, CBI's CEO, added: "CBI Al Islami provides our clients with a full range of Shariah-compliant retail and corporate products that adhere to the highest ethical standards. Launching this enhanced offer is a strategic priority for CBI as we transform the bank and continue to grow market share across the UAE".

Ali Sultan Al Amri, Head of Wholesale Banking, noted that the launch of the Islamic Banking window, on the heels of recruiting Mamoon Abdelkader as Head of Islamic Banking earlier this year, demonstrates the Bank's commitment to providing the best experience to its customers.

Further elaborating on the launch of Al Islami, Mamoon Abdelkader, Head of Islamic Banking said: "The future of Islamic banking in the region looks very promising, as Shari'ah compliant products and services become more mainstreamand Dubai advances towardbecoming the global Islamic financial capital of the world. The introduction of our Islamic banking window will allow CBI to consolidate its position within this growing market."

© The Peninsula 2015