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Dubai Islamic Bank - Shariah Consultancy

Dubai Islamic Bank (DIB) will shortly launch the world's first Shariah legal and financial consultancy firm to provide a one-stop centre for solutions to all financial structuring, legal documentation and product development needs of the Islamic finance industry.

The new entity will also carry out research and development and provide Shariah training. In due course, the entity will also undertake Shariah audit and Shariah rating functions.

Announcing the move, Saad Abdul Razak, Group CEO of DIB, said, "With worldwide exponential growth in demand for Islamic financing and investment products, the need for a strong source for providing quality Shariah guidance on a comprehensive basis was greatly felt. By setting up the firm, DIB would like to share its Shariah expertise with any one seeking complete and authentic Shariah guidance. This move will also augment the efforts by Dubai and UAE to become the world's financial hub and to provide the financial market with the necessary tools to develop innovative Islamic financial solutions for the industry."

To ensure high-standard Shariah guidance, the new subsidiary of DIB will be headed by the renowned Shariah scholar and professor of law Dr Hussain Hamid Hassan in the capacity of president. Dr Hussain has been associated with the bank since 1999 in the capacity of Chairman of the Shariah Board of DIB besides many other Islamic financial institutions. He was instrumental in converting a number of conventional financial institutions to Islamic. Dr Hussain holds doctorate in Shariah from Al Azhar, besides a doctorate in the study of comparative law and masters in economics.

"We are indebted to Dr Hussain for accepting the new responsibility and are confident that the market will benefit as immensely as DIB is doing from his strong academic background in Shariah and law and l experience in successfully structuring various innovative capital market and treasury products. This will reinforce DIB's position as a leader and the pioneer in the Islamic financial world," said Saad Abdul Razak. (via MENAFN - Khaleej Times)

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