ABU DHABI — The Government of Abu Dhabi is in the process of setting up of Al Hilal Bank, an Islamic bank, with a paid up capital of Dh4 billion, to provide a whole range of banking services.
The Founders' Committee of the proposed bank, a public joint stock company, to be fully owned by the Government of Abu Dhabi, yesterday announced the commencement of arrangements for setting up the new banking institution, second of its kind with headquarters in Abu Dhabi.
The new bank would deal with retail as well as corporate banking business. "It would also render consultancy services, funds management, portfolio investment, and would invest customers' funds in Shariah compatible financial instruments, besides providing high quality banking services," said The Founders' Committee.
Announcing the commencement of the necessary steps to incorporate the bank, The Founders' Committee said that the fifth banking entity of the emirates would not only cater to the project finance, but provide credit facilities for the private sector.
With the authorised capital of Dh4 billion, Al Hilal Bank would operate under the provisions of the Islamic Shariah, while rendering all modern services required for diversifying the economy and the fast expanding business sector and investments in the industrial, agricultural and real estate sectors.
General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, earlier this year, had issued a law constituting the Founders' Committee under the chairmanship of Khalil Mohammed Sharif Foulathi. The committee consists of Messers Khalifa Sultan Ahmed Al Suwaidi, Ali Eid Al Muhairi and Thani Murhsid Al Rumaithi as members. Mansour Mohammed Al Mulla will the member-rapporteur.
The committee is entrusted with completing all procedures related to the incorporation and its licensing procedures.