Islamic finance experts working for Deutsche Bank subsidiary Dar Al Istithmar have left the company to work for the Cayman Islands-registered BMB Group.
While Deutsche and BMB dispute the exact number of staff involved, it is thought that between five and seven London-based staff will move to create a new arm called BMB Islamic.
BMB Islamic will also be based in London, dealing with the ‘structuring and introduction of products that [...] adhere to the highest sharia standards.’
It is estimated that the team poached by BMB – and led by Islamic economist Dr. Humayon Dar – has advised on products worth over $20 billion by total volume.
“It’s been very amicable. I don’t want to use the word ‘poaching’,” a spokesperson for BMB told ArabianBusiness.com. “The team decided it would be better to go to BMB.”
“Dar Al Istithmar continues to service clients. We are in the process of staffing up again,” a Deutsche Bank spokesperson said.
“It’s not part of Deutsche Bank – our Islamic team is completely in place. Our Middle East structuring team – who deal with Islamic and non-Islamic products – in Dubai is very strong.”
BMB Group claims a staff of 45. It has offices in London and New York, a parent company in Brunei, and is registered in the Cayman Islands. BMB claims that it will open ‘flagship’ offices in Riyadh in 2007, as well as in Malaysia and the UAE this year.
“Through its unique investment platform, BMB is currently engaged in a $5 billion deployment across the alternative asset spectrum,” the company said in a statement. “[It] is exploiting diverse investment opportunities through its core businesses of asset management, hydrocarbons and real estate, developing strategic relationships throughout the Islamic world.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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