Dubai Bank conversion plan approved by Shari'a board

Dubai Bank's recently appointed Shari'a Board has met with the Bank's team charged with planning, overseeing and implementing the conversion process that will take Dubai Bank from the conventional arena into becoming a Shari'a compliant institution.

The Shari'a Board has approved the Bank's plan for conversion and has ensured that all elements of the highest Shari'a standards have been met.

Commenting on the latest developments, Dubai Bank's CEO, Mr. Abdulaziz Al Muhairi stated,

'We are very pleased to have received approval for the suggested conversion plans from the Shari'a Board. This is yet another milestone in the Bank's path ahead. The Dubai Bank Shari'a Board is highly acclaimed and giving their approval ensures that we have met all the requirements to adhere to the highest international Shari'a standards'.

Dubai Bank's diverse Shari'a Board consists of four internationally reputed members. Sheikh Taqi Usmani is a member of the Supreme Court of Pakistan since 1982, Vice President of Dar Al Uloom (Karachi) and Chairman of the Shari'a Supervisory Boards of Saudi American Bank (Jeddah) and Citi Islamic Investment Bank (Bahrain).

Sheikh Nizam Yaquby is a member of the Shari'a supervisory boards of several Islamic financial institutions, including Citi Islamic Investment Bank, Amanah Finance HSBC, Dow Jones Islamic Index, Abu Dhabi Islamic Bank, ABC Islamic Bank, National Bank of Sharjah, Royal Bank of Canada, Shamil Bank and a few additional institutions.

Dr. Mohamed Elgari is Director of the Centre for Research in Islamic Economics at King Abdulaziz University in Saudi Arabia, where he also serves as an Associate Professor of Islamic Economics. He is an expert at the Islamic Jurisprudence Academy, Jeddah. Dr. Elgari is a member of the Shari'a boards of the International Islamic Financial Market, Dow Jones Islamic Index, National Commercial bank, Saudi British Bank, Saudi Hollandi Bank, Yassar, Amanah Finance among others. Dr. Elgari is a member of the Academic Committee at the Islamic Development Bank (IDB) and the Islamic Fiqh Academy in Jeddah.

Dr. Mohammed Daud Bakar is Associate Professor in Islamic Law and the Deputy Rector, Student Affairs and Discipline, at the International Islamic University, Malaysia. His areas of specialisation include Islamic Legal Theory, Islamic Banking and Finance, Islamic Law of Zakah and Islamic Medical Law. He is on the Shari'a boards of the Dow Jones Islamic Market Index, Securities Commission of Malaysia, Bank Negara and AAOIFI, among others.

Each of the above Shari'a Board members is assisting Dubai Bank and its dedicated conversion team in closely monitoring every step of the conversion process and plans. They take part in ensuring each of the planned products and the conversion of existing products follow a strict adherence to the Shari'a law.