Banking, Finance & Takaful

UAE: National Bank of Fujairah launches Islamic banking

National-bank-of-FujairahNational Bank of Fujairah (NBF) has launched NBF Islamic, a service offering that will provide clients with a comprehensive suite of Sharia-compliant financial solutions.

Initially, NBF Islamic will offer a suite of retail banking products catering to key customer financial requirements. All NBF Islamic products are available across the UAE through NBF’s branch network.

The bank is also planning to offer Islamic banking solutions to companies and businesses across the UAE.

NBF Islamic will be guided by the Sharia Supervisory Board comprising four scholars, Dr. Mohammad Ali Elgari (Chairman), Dr Mohd Daud Bakar, Dr Muhammad Ameen Ali Qattan and Dr Osama Al Dereai.

Vince Cook, NBF’s Chief Executive Officer, said that the development of NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments will be a strategic priority.

Trusted partner

“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,” said Cook.

The bank’s retail business is growing in double digit numbers and corporate business is growing at 20 per cent with overall balance sheet growth in double digits. This year, NBF’s first half profit was Dh239.5 million, up 30.5 per cent compared the corresponding period of 2013.

The launch of Islamic banking is expected to boost both retail and corporate portfolios.

“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,” said Sharif Mohammad Rafei, NBF’s Head of Retail Banking.

Source: Gulf News

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