DIB to launch the world's first Sharia'a consultancy firm

To provide a one-stop center for the solution of 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 providing Sharia'a training. In due course, the entity will also undertake Sharia'a audit and Sharia'a rating functions.

Announcing the move, Saad Abdul Razak, Group CEO of DIB, said: "With the worldwide exponential growth in demand for Islamic financing and investment products, the need for a strong source for providing quality Sharia'a guidance on a comprehensive basis was greatly felt. By setting up the firm, DIB would like to share its Sharia'a expertise with any one seeking complete and authentic Sharia'a 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 Sharia'a guidance, the new subsidiary of DIB will be headed by the world's renowned Sharia'a scholar and professor of law Dr. Hussain Hamid Hassan in the capacity of its President. Dr. Hussain has been associated with the bank since 1999 in the capacity of Chairman of the Sharia'a 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 Sharia'a from Al Azhar, besides 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 Sharia'a and law and the hands-on practical experience in successfully structuring various innovative capital market and treasury products and the structured and project finance transactions besides corporate and retail banking products. This will reinforce DIB's position as a leader and the pioneer in the Islamic financial world", said Saad Abdul Razak.

Dr. Hussain said "It gives me great pleasure to learn that the management of DIB has decided to share its wealthy experience in Sharia'a -compliant financing and investment field with the market. It will be a challenge to set high standards in providing quality Sharia'a guidance to the industry at large but with the help and guidance of almighty Allah, I will endeavour my best to share the knowledge bestowed upon me by Him in the implementation of Sharia principles in any matter handled by the new entity".

Sohail Zubairi will be the new company's CEO. Mr. Sohail brings with himself over 25 years' banking experience in the UAE and is with DIB since 2001. He has been associated with Dr. Hussain since 2004 and has taken part in many high-profile Sukuk and syndicated transactions, thereby enriching himself with Sharia'a principles in dealing with financial transactions.

The new Sharia'a consultancy firm will be manned by the best quality lawyers, financial experts and Sharia'a analysts beside auditors and trainers.