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Al Hilal Bank to Set Up Real Estate, Brokerage Subsidiaries
ABU DHABI — Abu Dhabi’s Al Hilal Bank will setup real estate and share brokerage subsidiaries next year, a top official said on Monday.
The new facilities will offer a broad range of financial and investment services in conformity with the principles of Islamic finance.
Mohammed Jamil Berro, the Chief Executive Officer of the bank, told Khaleej Times that Abu Dhabi’s youngest of the two Islamic banks will set its foot in the Central Asia with the opening of two branches in the oil rich republic of Kazakhstan by the end of 2009. The permission was received last year in this connection, as both the UAE and Kazakhstan are exploring several business opportunities jointly and enjoys close cooperation in different
spares of life.
The bank made its debut last year and has already launched an Islamic insurance company, which went into operations six months ago, offering different financial products and services to Shariah sensitive investors.
Asked when the new bank will go profitable, the Chief Executive Officer expected with the expansions and growth in business operations will help achieve a breakeven next year.
At present the banking services are provided through 11 outlets across UAE with plans to expand the network by four more branches during the fourth quarter of the year.
“The introduction of the new branches signifies the bank’s increasing presence in the UAE, where Islamic banking is fast expanding,” Berro said.
The bank which has an authorised capital of Dh4 billion, will increase its paid up capital to Dh2 billion by the year-end from present level of Dh1.5 billion, as business has
grown significantly.
The bank’s operations are expanding and business is growing significantly which is reflected in its customer’s deposits which have risen to Dh11 billion, while loans portfolio reached Dh9 billion in the year and assets have exceeded Dh13 billion in one year’s operations. “The personal loans are 23 per cent of total our portfolio,” Mohammed Jamil Berro said.
The bank has setup a joint venture investment fund with Abu Dhabi Investment House to develop real estate projects in the emirate, he didn‘t give detail on the projects.
On Sunday evening, Shaikh Zayed bin Mansour Al Nahyan inaugurated Al Hilal Bank’s fourth branch in city’s Al Muroor area.
The new branch will cater to the needs of Al Muroor’s affluent residents along with government departments, and businesses in the sprawling neighbourhood. The outlet is outfitted with state-of-the-art equipments to whole range of financial services to the customers. Speaking on the occasion, Ahmed Ateeq Al Mazrouei, Chairman of Al Hilal Bank said that the expansion to the network is in line with bank’s commitment of getting closer
to customers.
Opening Al Muroor branch will be followed by two more branches in Abu Dhabi at Al Qaram area and another in Dubai at Al Twaar, he said. The bank is wholly owned by the Abu Dhabi Investment Council, a sovereign wealth fund.
—haseebhaider@khaleejtimes.com
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