Shariyah Review Bureau (SRB), an independent Sharia audit entity, will supervise the board functions and product management of Al Islami, the new Islamic banking window launched by Commercial Bank International (CBI).

Ali Amri, head of Wholesale Banking at CBI, said: “Our partnership with the Shariyah Review Bureau gives us a chance to support Sheikh Mohammed Bin Rashid Al Maktoum’s strategy of making Dubai the capital of the global Islamic Economy by 2016, by introducing financial instruments that comply with contemporary needs but do not conflict with the principles of Islamic Sharia.”

Mamoon Abdelkader, head of Islamic Banking at CBI, said: “Having our Islamic banking function supervised by a respected independent Sharia auditor like the Shariyah Review Bureau will ensure that the Islamic banking products and services we offer are fully Sharia-compliant and in line with the world’s latest Sharia technology. The Islamic banking sector is a huge growth market for us and our long term strategy is to bring more and more innovative Sharia products to market for our customers.”

Yasser S Dahlawi, CEO and founder of SRB, said: “We are pleased to offer CBI our internationally-recognized Sharia advisory services. Our robust Sharia supervisory reporting and analysis services are considered holistic by Islamic banking authorities around the world.”

Mansoor M Ahmed, assistant general manager at SRB said: “Most businesses in the Islamic financial markets have begun to leverage institutionalized services for their Sharia Board functions in one or other form. This is due to the growing benefits that professional consultancy bodies bring, especially in a high-cost environment. We look forward to establishing CBI’s Islamic unit and developing their Sharia-compliant product offering."

CBI has been servicing customers in the UAE since 1991, and today operates with a network of 27 branches and 131 ATMs spread across the country.

The SRB offers integrated Sharia audit services to large-scale investment companies, mixed-tier banks, co-operative insurance firms, real estate funds and corporate transactions. – TradeArabia News Service