Business | Banking

Mashreqbank plans to launch Badr Al Islami

Mashreqbank, UAE's fifth-biggest bank by assets, announced its plans to launch an independent Islamic finance subsidiary by appointing its Sharia Board, to be called Badr Al Islami.

  • Staff Report
  • Published: 00:00 August 7, 2006
  • Gulf News

Dubai: Mashreqbank, UAE's fifth-biggest bank by assets, announced its plans to launch an independent Islamic finance subsidiary by appointing its Sharia Board, to be called Badr Al Islami.

"Badr Al Islami is committed to the framework and values of Sharia," said Abdulaziz Al Ghurair, CEO of Mashreqbank. "It is an independently managed business comprising Badr Islamic Finance Company, majority owned by Mashreqbank, and Badr Islamic Banking, a division of Mashreqbank."

Badr Al Islami will offer the full range of Islamic financial services, retail, corporate, and investment banking with an initial capital of Dh500 million.

"We have been extremely thorough in developing Badr Al Islami, appointing a renowned board of Sharia scholars."

The Sharia board of Badr Al Islami will meet for the first time in August to review overall operations. "We are committed to playing an active role in the growth of Islamic financial services within the UAE and beyond, at both retail and wholesale levels, and look forward to welcoming Muslim and non-Muslim customers," Al Ghurair said.

The Sharia Board of Badr is chaired by Shaikh Abdullah Bin Sulaiman Al Manei. He is a Saudi national and a member of the Saudi Forum of Senior Sharia Scholars, which advices the government of Saudi Arabia and the Saudi public on all issues relating to religion. He is a senior judge in Saudi courts and he chairs the court in the western region.

Shaikh Nizam Yagouby, an executive member, is a prominent Sharia scholar from Bahrain and he sits in the Sharia Boards of more than twenty financial institutions in the GCC, Europe, Asia and America. He is a regular speaker in Islamic Finance conferences on various issues relating to Islamic finance. In addition to his Sharia qualifications, Yagouby holds a Masters in Economics and Comparative Religion from McGill University in Canada.

Shaikh Dr Mohammad Al Gari, member is a member of the International Figh Academy. He sits in the Sharia Boards of more than 25 financial institutions in the Gulf, Europe and the United States.

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