Dubai Islamic's sharia consultancy to expand abroad

SHARIA FRIENDLY: Dubai Islamic Bank's new sharia consultancy unit has so far signed up 12 clients. (Getty Images)

Dubai Islamic Bank said on Sunday its new consultancy unit which will advise on legal and financial aspects of Islamic deals, will expand in Pakistan and the UK to tap the growing-demand for Islamic finance.

Dar Al Sharia will operate initially in the UAE but will expand to Pakistan this year and the UK early next year, Sohail Zubairi, the company's chief executive told reporters on the sidelines of a conference.

The company currently has 12 clients, which include Abu Dhabi Commercial Bank and First Gulf Bank, and is looking to add at least 10 more by the end of this year, providing them with transaction-based guidance for retail and corporate products, he said. Dar Al Sharia employs 17 staff, Zubairi said.

The consultancy subsidiary will also carry out research and development, Sharia training and audit and rating functions, it said in a statement.

Dubai Islamic Bank, the Gulf region's fourth-biggest Islamic lender by market value has completed over 400 billion dirhams worth of Islamic deals since 2004.

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