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Issue No 48, August 2007 |
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Decree issued setting up largest UAE Islamic Bank
On 10 July 2007, the President His Highness Sheikh Khalifa Bin Zayed Al Nahyan issued a decree establishing Al Hilal (The Crescent) Islamic Bank with an authorized capital of Dh4 billion.
The new bank will operate under the provisions of Shari’a law. It will cater to project-related finance requirements. It will provide credit facilities to the private sector.
According to reports, the new bank will provide all modern banking services, including financing commercial, industrial, tourism related and real estate activities, with a special focus on the private sector.
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.
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 Shari’a compatible financial instruments.
The decree also named the chairman of the bank’s board and its members. |
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