NBS signs AED 126 million deal with Kuwaiti clients

The agreement is the first joint venture between NBS and Emirates Islamic Bank, underlining the fruitful cooperation between the two Islamic banks.

NBS was the first bank in the world to convert completely from conventional to Islamic banking three years ago while Emirates Islamic Bank is the second in the UAE to do so.

"This deal is part of the new expansion and development strategy adopted by NBS in order to enhance its investments in the GCC, especially among leading investments institutions," said NBS general manager Hussein Al Qemzi.

"The transaction follows many other deals the bank has signed lately in Qatar, Bahrain, KSA and Kuwait," Al Qemzi further said.

The signing ceremony was attended by Mohammed Abdulla, Assistant General Manager at NBS; Ibrahim Fayiz Al Shamsi, Executive President at Emirates Islamic Bank; Khaled Esbeiteh, representing Mazaya Holdings; Abdulla Shweyter, First Deputy President for Commercial and Investment banking activities at EIB; Musaed Al Sabr, Control and Auditing Manager at Aayan; Hussein Al Maizah, representing Amlak, Dr Hussein Hamed Hassan, Chairman of NBS's Fatwa and Sharia'a advisory board; and Nathif Adam, Manager of Investments Department at NBS.