At least five members of Deutsche Bank's Islamic finance subsidiary, Dar Al Istithmar, have left and joined shariah asset manager BMB, the two firms confirmed.

A spokeswoman for Deutsche Bank confirmed that at least five people from the majority-held subsidiary had left the unit to form BMB Islamic.

A spokeswoman for BMB said six people had joined from the Deutsche Bank subsidiary.

'Currently Dar Al Istithmar is continuing to serve its clients...the positions are in the process of being filled,' a Deutsche Bank spokeswoman said.

The independent board of five Shariah scholars, who review financial products by issuing judgments, or fatwas, will continue to work for Dar Al Istithmar, as well as for other companies, Deutsche Bank said.

Deutsche Bank's in-house Islamic finance team, based mainly in Dubai, is unaffected, the spokeswoman said.

BMB has $5 billion invested in alternative assets, the company said in a statement.