http://www.tradearabia.com/tanews/newsdetails_snBANK_article109297_cnt.html Mashreqbank plans new Islamic finance unit Posted: Monday, August 07, 2006
Dubai The Dubai-based Mashreqbank has announced plans to launch an independent Islamic finance subsidiary called Badr Al Islami. Abdulaziz Al Ghurair, chief executive officer of Mashreqbank, said: "Badr Al Islami is committed to the framework and values of Shariah. 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 ($136.132 million). "Islamic financial services are one of the fastest growing fields in the banking and finance industry. Badr Al Islami can bring Mashreqbank's unparalleled track record in customer service and innovation to this field, thereby filling an important gap in the market," Al Ghurair added. "We have been extremely thorough in developing Badr Al Islami, appointing a renowned board of Sharia scholars. The chairman of the Sharia Board, Sheikh Abdalla Ben Suliman Al Manei, is one of the world's most respected scholars, and will ensure that Badr Al Islami provides financial services that are in line with the guiding principles of Islamic finance." The Sharia board of Badr Al Islami will meet for the first time in August to review overall operations. Al Ghurair added: "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." Badr Al Islami will be led by a fully independent management team, which is presently recruiting the most experienced individuals in the fields of Islamic banking from around the region.-TradeArabia News Service [Non-text portions of this message have been removed] -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: osint@yahoogroups.com Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
