The UAE and the regional financial markets are flooded with opportunities for Islamic products to meet the growing requirements, and offer alternatives to the traditional banking products, said Ibrahim Al Shamsi, Chief Executive Officer, Emirates Islamic Bank (EIB).
Read more…
By A Staff Reporter
Published: Mon 21 Jun 2004, 10:48 AM
Last updated: Mon 28 Nov 2022, 6:51 PM
Speaking in a Press conference to unveil the corporate identity for the new Emirates Islamic Bank (EIB) yesterday, Al Shamsi, said, “The Islamic financial products constitute around 25 per cent of the total banking sector transactions in the UAE.
“The new Islamic bank has come as a result of transforming of Middle East Bank (MEB) under Emirates Bank Group to an Islamic banking institution,” said Al Shamsi.
He said, “I am very pleased to announce the bank new corporate identity. The dedication of our executive team of Islamic banking experts has started to bear fruit. What was referred to as an ‘Islamic Banking Institution’ when we started developing our idea, today has a name and is proudly called Emirates Islamic Bank.
“The conversion of MEB was approved at an extraordinary general meeting in the presence of major shareholders. Now, EIB aims to spearhead the development of Islamic banking in the UAE and the region.”
Sulaiman Al Mazroui, Board Member of Middle East Bank and Chief Manager Group Affairs of Emirates Bank, which owns a majority shareholding in this new entity stated, “The nine previous MEB branches are now Emirates Islamic Bank branches, while the bank’s capital remains at Dh500 million, and the shareholders funds at AED 800 million.”
Emirates Islamic Bank has complete autonomy as well as independent financial and administrative management. “It offers retail and corporate services in a modern environment featuring new technologies and the latest banking concepts, while fully adhering to Shariah Law,” said Ibrahim Fayez Al Shamsi.
The decision to adapt was made in the light of the increase in the public demand for Islamic banking and the recent growth figures, primarily driven by a strong demand for Islamic financial solutions as well as for quality services and high-end products. Islamic banking assets continue to rise at an astonishing pace in the UAE and the region.
Emirates Islamic Bank aims to be the performance leader in the UAE and the regions’ Islamic banking sector. Sulaiman Al Mazroui concluded, “We already have a fine branch network, a renowned customer franchise and the support of an established financial services group. This will allow EIB to access one of the finest technology and operating platforms in the country.”
