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11 Sep 2009 - UAB plans to offer Islamic banking solutions

September 11 2009, Sharjah, UAE: United Arab Bank has plans to offer Islamic banking solutions either through a dedicated Islamic banking window or an Islamic banking subsidiary, the bank's top officials told Gulf News.

"Our board is actively considering the option of offering Islamic banking solutions. Our partner, Commercial Bank of Qatar (CBQ) has the expertise in Sharia compliant products and services. Although we have not decided on the timing of the launch, it is very much on our plan," said Shaikh Faisal Bin Sultan Bin Salem Al Qasimi, Chairman of United Arab Bank.

CBQ has a 40 per cent equity stake in the lender which it acquired in 2007. The UAB management said that there is a growing demand for Islamic products from its existing customer base.

"The board and the management are keen to provide appropriate products that have demand in the local and regional environment. Keeping in mind we are primarily an Arab bank and operating in a region where there is a strong demand for Sharja compliant products. We are taking early steps to offer limited number of Islamic product to our customers," said Paul Trowbridge, chief executive officer.

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