NBF opens Islamic division

NBF opens Islamic division

Published: October 2, 2014

UAE-based firm will start with retail offering before moving into corporate banking.

The UAE’s National Bank of Fujairah (NBF) has launched an Islamic banking arm, NBF Islamic.

The new division will offer Islamic retail banking initially, but the team plans to expand the business into the corporate market. NBF Islamic will be overseen by the shariah supervisory board of Amanie Advisors, an Islamic consultancy.

Vince Cook, NBF’s chief executive, said in a statement announcing the launch of NBF Islamic: “We are pleased to contribute to the UAE’s aspirations to becoming a hub for Islamic finance.”