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Abu Dhabi: The new Islamic bank in Abu Dhabi, Al Hilal, will launch its operations in June with four branches in Abu Dhabi and Dubai, up to 10 branches by the end of this year, a senior executive told Gulf News.
The bank, established in March last year by the Abu Dhabi Investment Council (ADIC), is the second Islamic bank in Abu Dhabi, apart from the Abu Dhabi Islamic Bank.
"We are committed to the launch date in June and we will be ready to receive clients according to plan," Mohammad Jamil Dorrah, Al Hilal's chief executive officer (CEO), said.
Phases
"In the first phase we will begin with four branches, two in the capital, one in Al Ain, and one in Dubai. This will be followed by the second phase, when we will add six more branches with a branch in each emirate by the end of the year and thereby increase the total to ten," he added.
Al Hilal will be the eighth Islamic bank in the UAE following the recent launch of Noor Islamic Bank and Ajman Bank. Al Hilal is also planning to convert into a holding company soon by introducing new affiliates to operate in various sectors.
"We will introduce a real estate affiliate within the group to cater for the growing needs and the unprecedented growth of the sector in the UAE," Dorrah revealed.
"We also have plans for expansion throughout the GCC and the Middle East," he added.
Challenges
The proliferation of Islamic banks represents a serious challenge for Al Hilal, especially that some of these competitors stand on a long history and experience.
"Our bank was born gigantic, and it will remain so up to the day it becomes the leader among its peers, which will happen soon," Dorrah said.
The bank's authorised capital is Dh4 billion, and is wholly-owned by ADIC, providing it with the privilege of government support as is the case with other banks in ADIC's portfolio, such as the National Bank of Abu Dhabi and Abu Dhabi Commercial Bank.
The bank is still recruiting personnel for the first phase, in line with Emiratisation requirements, the CEO said.
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