Al Hilal to double UAE bank branches

BURGEONING DEMAND: Al Hilal Bank, a new Islamic financial institution funded by the government of Abu Dhabi, plans to double its branch network in the UAE. (Getty Images)

Al Hilal Bank, a new Islamic financial institution funded by the government of Abu Dhabi, plans to double its branch network in the UAE this year as it seeks to tap burgeoning demand for shariah-compliant services.

“We are aiming for ten branches in the UAE this year and next year we expect similar or even bigger growth,” Al Hilal CEO Mohamed Jamil Berro said in an interview in Abu Dhabi on Thursday.

Al Hilal becomes the UAE’s sixth shariah-compliant lender and follows the formation of Noor Islamic Bank in Dubai which started operations in January.

Regional Islamic banks are benefiting from the surging price of oil which is driving demand for shariah-compliant products. Islamic banks worldwide control around $750 billion, a figure estimated to rise to over $1 trillion by 2010.

Al Hilal will offer a full range of Islamic banking services and is also developing a so-called financial mall next at its Abu Dhabi headquarters which where customers can arrange finance for homes, vehicles and other purchases.

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