First Gulf Bank, ALDAR Properties, Surouh Real Estate, and Reem Investments in AED 500 m private joint-venture

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Aseel - which translates from Arabic as 'authentic' - has been launched as a joint stock company with an authorized capital of AED 500 million (US $137 million) by First Gulf Bank (FGB), one of the UAE's leading financial institutions which holds a 40% stake, and three of Abu Dhabi's mainline real estate developers - ALDAR Properties PJSC, Surouh Real Estate PJSC, and Reem Investments, with a 20% shareholding each.

Aseel will participate in a range of Islamic finance activities, except retail activities, as per the Central Bank's guidelines for Islamic finance companies operating in the UAE.

'Aseel's overall mission is to become the UAE's leading Islamic financial institution and the first choice for Sharia'a compliant financial products,' explained Abdul Hamid Saeed, Chairman of Aseel Finance.

'Islamic banking is now the world's fastest-growing sector in the financial industry, with a global investment value estimated at around US $500 billion. With the region demonstrating an increasing propensity for Sharia'a compliant products that exclude interest-based assets, the creation of Aseel is a business imperative.'

'We intend Aseel Finance to make a real difference to the market and assist in the economic diversification programmes under way throughout the UAE, particularly in the vibrant Abu Dhabi market where huge strides have been made under the guidance of UAE President and Ruler of Abu Dhabi, His Highness Sheikh Khalifa Bin Zayed Al Nahyan and Abu Dhabi Crown Prince, His Highness Sheikh Mohammed Bin Zayed Al Nahyan.' Abdul Hamid concluded.

Aseel is governed by a Sharia'a Board which is headed by Dr. Hussain Hamid Hassan.

To be in line with its stakeholder make-up, Aseel's three primary activities will include mortgage and real estate development finance, complemented by corporate and project finance activities.

'This is the right time to introduce a competitive element to the UAE's Islamic finance segment,' said Galal Kulaib, General Manager, Aseel Finance. 'Demand for Islamic mortgages within the Emirates is increasing though the mortgage concept is relatively new to the market. Aseel will also complement and assist in promoting the interests and investments of our shareholders, which are behind many of the major developments within the UAE in general, and Abu Dhabi in particular.'

Aseel's immediate plans include an expansion of its range of products, services and branch network in the UAE as well as exploring opportunities regionally and internationally.

'Our innovative solutions, competitive products coupled with expertise in the retail and corporate activities will enable us to set up and drive the home finance industry in the capital, and compete with existing companies operating in the UAE,' explained Kulaib.

'In the long-term we will actively compete with dedicated real estate Islamic finance houses but also with mainline Islamic financial institutions.' Kulaib concluded.