Saturday, October 4, 2014
National Bank of Fujairah offers sharia-compliant financial solutions in UAE
The new Islamic unit will initially offer retail banking products to customers, with plans to expand the offerings for companies and businesses in the region.
NBF retail banking head Sharif Mohd. Rafei said: "Over the years, we have been witnessing a growing demand for Islamic banking products as we broadened our personal banking footprint beyond our traditional home base of Fujairah.
"With NBF Islamic, we will not only be able to better serve the needs of our customers, but further establish our growing reputation as a well-respected local bank fully committed to preserving the values of the community."
To operate the new unit as per the principles of Islamic law, NBF Islamic will be helped by the Shariah Supervisory Board of Amanie Advisors.
According to a report from Ernst and Young, the Islamic banking assets in the UAE increased from $83bn in 2012 to $95bn in 2013, reported Gulf Business.
NBF CEO Vince Cook said: "We are pleased to contribute to the UAE's aspirations to becoming a hub for Islamic finance. Expanding our suite of client-centric solutions is crucial to the success of our customers and the bank, and we are confident that NBF Islamic will further establish our position as a reliable and trusted banking partner in the UAE."