Leading Islamic Bank Al Hilal Bank embraced technology by launching thumb verification system. The technology is aimed at streamlining and to speed up daily banking transactions. The innovative procedure has been implementing following a series of rigorous tests and it significantly reduces waiting time of customers.
Al Hilal Bank, owned by Abu Dhabi government is planning to sell a 5-year Islamic bond, or sukuk, in the fourth quarter in a bid to raise $500 million. An undisclosed official of the bank said that bank's sukuk program is expected to be between $2 billion and $5 billion and the current issue is the first tranche of global sukuk.
The state-controlled Abu Dhabi Investment Council owned Al Hilal Bank, having 14 braches, took a major step to increase its presence in the Central Asia. The bank opened its new branch in Kazakhstan becoming the first Islamic bank to have full-fledged branch in the country.
Earlier, the Financial Markets Authority in the Central Asian Republic of Kazakhstan gave its nod to the bank for opening its branch in the resource rich country. The new bank, fully owned by Al Hilal Bank, would have capital of $36 million according to the information provided by the lender.
Abu Dhabi's Al Hilal Bank has decided to establish real estate and share brokerage subsidiaries in the coming year.
The new facilities will offer a broad range of financial and investment services in conformity with the principles of Islamic finance.
The sources informed that the bank made its debut last fiscal and has already introduced an Islamic insurance company, which went into operations six months ago, providing different financial products and services to Shariah sensitive investors.
Abu Dhabi-'s government-owned Al Hilal Bank has decided to establish two branches in Kazakhstan.
The sources informed that apart from its expansion plans in Kazakhstan, the banking group will also expand its three branches in Dubai and Abu Dhabi in October 2009.
The sources further informed that the new bank called Al Hilal Islamic Bank will be headquarter in Almaty, with an initial capital of about Dh100 million ($27million).
The bank is having five per cent market share in deposits, loans and assets in the UAE's Islamic banking sector.
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