Initially established in 2006 as Badr Al Islami, the Islamic Banking Division of Mashreqbank has been advised by the Shariah Supervisory Board, comprised of Shaikh Abdalla Bin Suliman Al Manei as Chairman, with Shaikh Nizam Yaqouby and Shaikh Dr Mohammed Al Gari, who will continue to guide Mashreq Al Islami as the official Islamic service provider for all Mashreq Group related instruments.
“Islamic banking is expected to contribute around 30 per cent of the total banking sector in the next 3 years in the UAE, underpinning the importance of this market segment. Islamic banking is becoming increasingly preferred as an alternative to mainstream banking for all banking and finance segments and attracts all types of customer,” said Mashreq CEO Abdul Aziz Al Ghurair.
“As a result of its growing importance and as part of Mashreq’s commitment to be the region’s most convenient and accessible financial institution, we have taken our Islamic offering mainstream to enhance our overall customer experience,” he added.
The latest branch is the second branch of the company at Sahara Centre and one of the eight branches opened in the UAE this year, the exchange house said in a statement
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