Eighth Islamic bank enters UAE market

Al-Hilal Bank becomes the UAE’s eighth Islamic bank. Says it has great plans to dominate the market, planning to launch Takaful arm.

The bank plans to turn in profits by next year and is also in the midst of setting up a wholly-owned Takaful subsidiary, Al Hilal Takaful.

The UAE saw the eighth Islamic bank enter the market with the launch of Al-Hilal Bank. Headquartered in Abu Dhabi, the bank is wholly-owned by the Abu Dhabi government through its investment vehicle Abu Dhabi Investment Council, and has authorised capital of $1.09 billion. It currently has a paid-up capital of $272.3 million. This is the fourth new Islamic bank in the UAE after Crescent Bank, Ajman Bank and Noor Islamic Bank.

http://www.cpifinancial.net/v2/news.aspx?v=1&aid=561&sec=Islamic Finance