DUBAI — National Bank of Umm Al Qaiwain (NBQ) yesterday signed a memorandum of understanding (MoU) with Saudi Arabia-based National Commercial Bank (NCB) to offer Islamic retail banking products in the UAE.
According to the MoU, NCB will offer technical and Shariah compliance support to NBQ to introduce Islamic banking products and services through 'Islami'  its newly established Islamic banking window.
The UAE central bank has granted NBQ the permission to offer Islamic retail banking products. While NBQ  will offer a portfolio of products and services similar to that offered by NCB in Saudi Arabia, the Shariah Board of NCB which consists of Shaikh Abdullah bin Sulaiman Al Maniya will evaluate all products and services offered by NBQ for Shariah compliance. The new services will be independent from the  conventional banking services offered by NBQ.
Commenting on the MoU with NCB Shaikh Nasser Bin Rashid Al Molla, Managing Director and CEO of NBQ said: “We are confident that we will benefit from the rich experience and support of NCB in setting up our Islamic banking services.”
As part of its efforts to support the Islamic banking industry in the region, NCB has plans to offer technical and compliance support to a number of banking  institutions in the region. “This agreement comes as a part of NCB's plans to coordinate with other banks and organisations to develop Islamic banking sector in the region,” said Abdul Kareem Abu Al Nasr, CEO of NCB.