18 November 2015, Dubai
The Shariyah Review Bureau (SRB), an independent Sharia audit entity, has announced that it will supervise the board functions and product management of Al Islami, the new Islamic Banking window launched by Commercial Bank International (CBI)
in November 2015.
Ali Amri, Head of Wholesale Banking at CBI, said: "Our partnership with the Shariyah Review Bureau gives us a chance to support His Highness Sheikh Mohammed Bin Rashid Al Maktoum's strategy of making Dubai the capital of the global Islamic Economy by 2016, by introducing financial instruments that comply with contemporary needs but do not conflict with the principles of Islamic Sharia."
Mamoon Abdelkader, Head of Islamic Banking at CBI, added: "Having our Islamic banking function supervised by a respected independent Sharia auditor like the Shariyah Review Bureau will ensure that the Islamic banking products and services we offer are fully Sharia-compliant and in line with the world's latest Sharia technology. The Islamic banking sector is a huge growth market for us and our long term strategy is to bring more and more innovative Sharia products to market for our customers."
Yasser S. Dahlawi, CEO and Founder of SRB, said: "We are pleased to offer CBI our internationally-recognized Sharia advisory services. Our robust Sharia supervisory reporting and analysis services are considered holistic by Islamic banking authorities around the world."
Mansoor M. Ahmed, Assistant General Manager at SRB commented: "Most businesses in the Islamic financial markets have begun to leverage institutionalized services for their Sharia Board functions in one or other form. This is due to the growing benefits that professional consultancy bodies bring, especially in a high-cost environment. We look forward to establishing CBI's Islamic unit and developing their Sharia-compliant product offering."
CBI has been servicing customers in the UAE since 1991, and today operates with a network of 27 branches and 131 ATMs spread across the UAE, with a growing presence in transaction banking and technology-driven delivery channels.
The SRB offers integrated Sharia audit services to large-scale investment companies, mixed-tier banks, co-operative insurance firms, real estate funds and corporate transactions. Apart from 27 scholars worldwide the advisory firm has developed a highly-focused internal task force with employees from Germany, Russia, Pakistan and the Middle East - to provide quality Sharia consultancy and continued Sharia audit support as part of their project assignments.
About Commercial Bank International (CBI)
Commercial Bank International (CBI) was incorporated in 1991 in the Emirate of Ras Al Khaimah. With its headquarters in Dubai, CBI today operates with a network of 27 branches and 131 ATMs spread across the UAE and a growing presence in transaction banking and technology-driven delivery channels.
The Bank offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in both Corporate and Retail Banking, ranging from personal account services to finance for homes and automobiles to commercial loans and project support.
Supported by its strategic partnership with Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region, since QNB's acquisition of 40% of CBI shares in 2012, and a customer-centric approach, CBI is well positioned for growth.
CBI's shares are listed on the Abu Dhabi Securities exchange (ADX).
For more information on CBI, please visit cbiuae.com.
Mohamed Al Tajer
+971 (0) 4 212 6474
Will Anderson/ Racha Mourtada
+971 (0) 2 234 4600
+971 (0) 4 446 6270
© Press Release 2015