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Wednesday, 1 August 2007

Abu Dhabi to launch a AED4 billion Al Hilal Bank


HH Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi and President of the UAE, has issued a decree establishing Al Hilal Islamic Bank, which will have an authorised capital of AED4 billion.This would give it a larger capital base than Al Noor Islamic Bank, which is due to launch in Dubai this year.The new bank will cater to project finance requirements. Abu Dhabi Investment Council will be sole owner of Al Hilal and Eisa Mohammed Al Suwaidi will be chairman of the board. A statement read: "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." - (AB, 1 August 07)

1 comment:

muhammad said...

Launching of Hilal bank is a Ideal dicisoin from Authority, since Islamic finance is booming globaly and it will defeat the conventional banking. People wish to convert thier deposit in to profit & loss sharing method rather than fixed usery.

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