UAE-based Commercial Bank International (CBI) has launched Al Islami, its new Islamic Banking window that offers a wide range of Shari’ah compliant financial solutions and banking services aimed at the corporate financial world.

Guided by leading international Shari’a advisor, the Shariyah Review Bureau - which will provide consultancy and audit support to CBI - Al Islami will offer a suite of corporate banking products catering to its customers’ financial needs and requirements, said the Ras Al Khaimah-based lender.

CBI chairman Mohammed Sultan Al Qadi, inaugurated the Islamic banking unit in the presence of senior officials of the bank.

Addressing the gathering, Al Qadi said: "The Islamic financial services sector is one of the fastest growing segments of the UAE banking industry, with sharia-compliant assets predicted to reach $263 billion by 2019. CBI has launched Al Islami in response to this growing demand."

CBI Al Islami aims to better address customer requirements for banking and financial transactions that are in line with Shari’a principles, as we build on our strategy to become a leading player in the provision of Islamic banking solutions in the region, he stated.

CEO Mark Robinson said the new unit provides clients with a full range of sharia-compliant retail and corporate products that adhere to the highest ethical standards.

"Launching this enhanced offer is a strategic priority for CBI as we transform the bank and continue to grow market share across the UAE," he added.-TradeArabia News Service