Dubai forms Islamic banking body

Dubai Banking Group to target GCC, SE Asia and Africa.

Dubai Holding has consolidated its investments in Dubai Islamic Investment Group and Dubai Bank under Dubai Banking Group to create a global Shariah compliant investment company.

Dubai Banking Group will be managed by Dubai Group. Fadel Al Ali of Dubai Holding Operations will be the group's non-executive chairman, while Salaam Al Shaksy, currently CEO of Dubai Islamic Investment Group, will be appointed CEO of the new entity.

HE Mohammed Al Gergawi, chairman of Dubai Holding, said: "The UAE's financial services sector is the one of the fastest growing sectors in our economy.

This is a tremendous opportunity for our group and we are confident that this strategic step will enhance growth and value creation in the industry and solidify Dubai's position as a leading global financial centre."

Soud Ba'alawy, executive chairman of Dubai Group, said: "The market for Shariah compliant investments and financial services continues to grow very rapidly.

Dubai Banking Group will be one of the clear leaders in this market and will continue to aggressively target significant direct investments and acquisitions in a wide range of sectors across the world's biggest Islamic markets including the GCC, South East Asia, and Africa."

DBG already has investments in Islamic financial institutions like Kuwait's Al Fajer Retakaful and Malaysia's Bank Islam, with combined assets in excess of $10 billion.

Dubai Banking Group is also creating the world's largest takaful firm, with a total capital of $300m, together with Malaysia's investment arm Khazanah Nasional and Asian Capital Reinsurance (ACR).

DBG and Khazanag will each hold a 40% stake in the new company, ACR ReTakaful Holdings, while ACR will own the remaining 20%. Khazanah will be the largest shareholder in the company, since it owns a 32% stake in ACR.

The takaful firm will have two operating companies, to be based in Malaysia and the Middle East.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

Posted by: Liaquat Khan

King Abdullah's drive for interfaith harmony is the need of the time. More than More than 2.5 billion Muslims bear poor image in the eyes of christian, jews and hindus in the world over. My suggestion to all Muslim Head of States to please be united. This unity is possible when States and Leaders officially accept, recognize and respect the tariqa of all the sects of Muslims like Sunni Muslims, Shiite Muslims and their branches practicing their tariqas/maslak freely and independently. Unless we Muslims are united within our own fold, the interfaith drive would fail. The need of the time now is that believers Muslims Tariqas and practices must be recognized first and this would very easily make interfaith drive a success.

All comments are subject to approval before appearing

Further reading

Features & Analysis
Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

China paves way for market-based IPO system

China paves way for market-based IPO system

A new law would let companies, not regulators, determine when...

Trading from the frontline in Palestine

Trading from the frontline in Palestine

Palestine’s economy has been crippled by the war on Gaza but...

Most Discussed