AHLI UNITED BANK LAUNCHES Al HILAL ISLAMIC BANKING IN BAHRAIN
Al Hilal Islamic Banking Services to Offer Unique Sharia Compliant Banking Experience
Ahli United Bank B.S.C. (AUB) launched its Islamic Banking services in the Kingdom of Bahrain with the inauguration of its first Islamic banking branch in Arad. The services under the brand name of Al Hilal Islamic Banking Services, were inaugurated by members of AUB’s Sharia Advisory and Supervisory Board with senior officials of the Bank in attendance.
Al Hilal Islamic Banking Services offers customized Sharia compliant banking solutions to customers through dedicated Islamic banking branches in the Kingdom. The first two Al Hilal branches have been opened in Arad and Sanad, which will be closely followed by other branches in other locations in the kingdom.
AUB’s diversification into Islamic banking represents a milestone achievement for the bank and underlines its commitment to constantly improving its overall customer experience through the introduction of unique innovative retail banking initiatives. AUB has developed a new approach to Islamic banking, offering one of the most comprehensive lines of Sharia compliant products and services in the Bahrain market.
AUB’s entry into the field of Islamic banking comes at an opportune time with the rapidly expanding demand for Islamic banking services which is estimated to have grown at a rate of 15 per cent per annum in recent years.
AUB has appointed a Sharia Advisory and Supervisory Board for Al Hilal Islamic Banking Services formed from prominent scholars from around the Middle East comprising of: Professor Ali Muhyealdin Al-Quradaghi, Chairman and members, Dr. Fareed Mohammed Hadi and Dr. Abdul Aziz Qassar.
Professor Ali Al-Quradaghi, speaking on behalf of AUB’s Sharia Advisory and Supervisory Board, said, “The Sharia Board confirms that it endorses the internal principles, regulations and procedures of Al Hilal Islamic Banking Services. The Sharia Board therefore considers it lawful to transact with Al-Hilal Islamic Banking Services in all matters of Islamic financial services”.
Dr. Fareed Hadi, Chair of the Arabic Language and Islamic Studies Department at University of Bahrain, said,” The Board of Directors of AUB has agreed to all provisions requested by the Sharia Board of Al-Hilal Islamic Banking Services and had appointed a Sharia auditor to ensure active compliance with the recommendations and legal opinions of the Sharia Board”.
Dr. Abdul Aziz Al-Qassar said, “We wish to acknowledge the efforts of the Board of Directors, Management and the staff of AUB for going the extra mile to ensure that all contracts and financial products are in accordance with the principles and laws of the noble Islamic Sharia. We hope to see Al-Hilal Islamic Banking Services grow to become a leader in furthering the aims of Islamic banking services in the region”.
Al Hilal Islamic Banking Services sets itself apart by giving more emphasis on complete transparency in all of its financial and operational aspects. The evolution of technology has opened new doors and the development of Shariah compliant programmes and systems has enabled Al Hilal Islamic Banking Services to make use of state-of-the-art technology to facilitate and accommodate a wide range of client needs.
For his part, Mr. Abdulla Al-Raeesi, Deputy Group CEO, AUB, commented: “Al Hilal Islamic Banking Services has been launched as part of AUB’s strategy to offer a comprehensive range of banking services to customers seeking to transact completely within a Sharia compliant system. A complete suite of Retail, Treasury and Corporate banking services will be available through Al Hilal branches including: personal finance, auto finance, home finance, current accounts, savings accounts and investment accounts”.
“AUB plans to expand its Islamic banking operations by adding more branches for Al-Hilal Islamic Banking Services, and adding more Sharia-compliant products to our current offering for both corporate and individual clients”, Mr. Al Raeesi concluded.
For further information about Al Hilal Islamic Banking Services, customers may visit Al Hilal Islamic Banking branches at Arad or Sanad, or call +973 17221999.