The Islamic Banking Division of United Arab Bank (UAB) has signed a memorandum of understanding with Minhaj Advisory for the introduction of Shari’ah-compliant products, contracts, supervision, auditing and training services.

Minhaj will form a Shari'ah Supervisory Board (SSB) with three reputable Islamic scholars at the helm to extend their guidance regarding provisions and principles of Shari'ah related to transactions and activities of the current and future Islamic products and services provided by UAB’s Islamic banking division.

Sheikh Mohamed Al Nuaimi, executive vice-president, United Arab Bank, said: “Being the fastest growing bank, we always strive to offer the full range of banking products and services to our valued customers. This strategic alliance with Minhaj will help us engage and develop the skills of our Islamic division staff allowing them to serve this customer base better. Therefore, we are very pleased with this affiliation and look forward to working closely with this reputable regional Islamic entity.”

UAB’s Islamic banking division offers its clients a variety of Islamic products including current accounts, savings accounts, investment time deposits, goods Murabaha, vehicle Murabaha, Tawarruq, Ijara home finance, personal finance and Islamic credit cards, a statement from the bank said.  

Yusra Abdul Ghaffar Baqi, head of branches & Islamic banking, said: “UAB’s partnership with Minhaj Advisory is in line with the bank’s strategy to provide Islamic products and Shari’ah-compliant solutions to its customers across the UAE.”

“The bank has partnered with Minhaj for its admirable reputation and impressive profile in providing Shari’ah-compliant financial advisory services. Presently, UAB is providing many competitive Islamic products that will be further augmented in the coming days.”

Dr Amin Fateh, resident Shari’ah Advisor at Minhaj Advisory, said: “We are delighted with this association and our aim is to ensure that all banking activities carried out by UAB’s Islamic banking division are in accordance with Shari'ah. Our guidance and recommendations will enable the bank to develop products and services in the light of Islamic laws.”

The board of Minhaj advisory is headed by Dr Abdul Sattar Abu Ghuddah, a prominent Islamic scholar, who has contributed greatly in the Islamic banking industry of the region. Minhaj has over 30 years experience in providing consulting and training services on Islamic financial products. – TradeArabia News Service