UAE President launches Dh4b Islamic bank

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Abu Dhabi, President H.H. Sheikh Khalifa bin Zayed Al Nahyan has issued a decree to establish a new bank. The Crescent Bank, according to the decree, will be a public joint stock company, fully owned by the Abu Dhabi Investment Council and will have an initial capital of Dh 4 billion.

The new bank, which will operate under the provisions of Sharia law, will cater to project-related finance requirements. It will provide credit facilities to the private sector.

"Al Hilal will provide all modern banking services, including financing commercial, industrial, tourism-related and real estate activities, with a special focus on the private sector," a statement said yesterday.

The presidential decree names the Abu Dhabi Investment Council as the sole owner of the new bank, and stipulates that its Dh4 billion capital will be divided into four billion shares with a nominal value of Dh1 each.

The decree names Isa Mohammed Al Suwaidi as chairman of the new bank, Mohammed Hassan Omran, Abdullah Nasser Al Suwaidi, Yunus Haji Khoory and Ahmed Sari Al Mazroue, as board members.

The establishment of the bank is part of the initiatives by the UAE President and the Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, General Sheikh Mohammed bin Zayed Al Nahyan, to further boost the banking sector by providing the necessary finance for development projects.

The bank will provide all modern banking services, including financing of commercial, investment, industrial, tourism, agriculture and real estate projects, as well as providing high quality banking services and advice for individuals and corporate bodies.

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