United Arab Bank (UAB) launched its Islamic banking unit, Shari'ah compliant banking and financial service.

Chairman Sheikh Faisal bin Sultan bin Salem Al Qassimi said: "Islamic banking is a rapidly growing phenomenon in the financial markets because it answers the call of discerning Muslims who seek a banking system that conforms to their religious beliefs and is Shari'ah compliant."

paul Trowpidge, CEO, said: "Islamic financial services are one of the fastest-growing segments of the banking and finance industry in the UAE. Recognising and respecting the desires of a growing number of our valued clients to conduct their banking in accordance with Shari'ah principles, UAB has launched Islamic Banking.

"Our new products and services will cater to the needs of a wide segment of our customers."

By Staff Writer

© Emirates Business 24/7 2010