Khalifa launches largest UAE Islamic bank

Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan yesterday issued a decree establishing Al Hilal (The Crescent) Islamic Bank with an authorised capital of Dh4 billion.

The new bank, which will operate under the provisions of Sharia law, will cater to project-related finance requirements. It will provide credit facilities to the private sector.

"Al Hilal will provide all modern banking services, including financing commercial, industrial, tourism-related and real estate activities, with a special focus on the private sector," a statement said yesterday.

The presidential decree names the Abu Dhabi Investment Council as the sole owner of the new bank, and stipulates that its Dh4 billion capital will be divided into four billion shares with a nominal value of Dh1 each.

Board chairman

The decree also named Eisa Mohammad Al Suwaidi as chairman of the Al Hilal board.

The other board members are Mohammad Hassan Omran, Abdullah Nasser Al Suwaidi, Yunus Haji Khoory and Ahmad Sari Al Mazroui.

The bank will provide all the financial instruments pertaining to retail and corporate banking, as well as consultancy services, funds and portfolio management.

It will also invest in consumer funds within the framework of Sharia-compatible financial instruments.