UAE: BOK International Bank to launch new Islamic banking products
Source: Middle East Insurance Review | Jun 2018
Abu Dhabi-based BOK International Bank (BOKI) has assigned Shariyah Review Bureau (SRB) as its shariah advisor to launch new Islamic banking products in the country. Under the new contract, SRB will provide BOKI with a shariah board, certification and shariah audit services for its products and new lines of business.
The agreement with SRB will help BOKI improve operational stability in light of shariah, reduce cost associated with shariah supervision and implement a shariah framework with high levels of shariah advisory quality. SRB will manage all operations and investments in a shariah-compliant manner across the UAE and other key locations of the bank.
Mr Akram Elbaloula, country CEO of BOKI in the UAE said, “We are led by a highly qualified, seasoned and focused team with exceptional banking experience and total commitment to comply with shariah banking principles, with a focus on conducting international trade and commerce transactions benefitting from well-connected correspondent banking networks to facilitate treasury, trade finance business and cash management banking services.”
BOKI is the second regional branch for Bank of Khartoum, the largest provider of corporate, retail, micro-finance and investment banking products in Sudan operating since 1913. The newly established UAE branch has been granted a full service commercial bank licence by the Central Bank of the UAE. M