Business | Banking

ADCB Islamic unit to come up this year

Abu Dhabi Commercial Bank (ADCB) said on Tuesday it plans to set up a unit this year offering services that comply with Islamic law, including arranging the sale of Islamic bonds.

  • Reuters
  • Published: 00:17 April 16, 2008
  • Gulf News

Abu Dhabi: Abu Dhabi Commercial Bank (ADCB) said on Tuesday it plans to set up a unit this year offering services that comply with Islamic law, including arranging the sale of Islamic bonds.

The project is about a year behind schedule. ADCB chief executive officer Eirvin Knox said in July he hoped to get the unit operational by the end of 2007. Operations will now start in the fourth quarter, Ala Eraiqat, ADCB's deputy CEO told Reuters.

"ADCB shall launch its Islamic banking services unit based on a double-fold strategy; through the provision of sukuk, in addition to the establishment of small and medium enterprises," the bank said in an earlier statement.

ADCB said in March it won Malaysian approval to buy 25 per cent of RHB Capital, Malaysia's fourth-largest lender.

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