Al Hilal Bank to Set Up Real Estate, Brokerage Subsidiaries

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.

Currently, the banking services are offered through 11 outlets across UAE with plans to expand the network by four more branches during the fourth quarter of the year.

The bank which has an authorised capital of Dh4 billion, will enhance its paid up capital to Dh2 billion by the year-end from present level of Dh1.5 billion.

The sources said that bank's operations are expanding and business is growing significantly which is reflected in its customer's deposits which have risen to Dh11 billion, while loans portfolio reached Dh9 billion in the year and assets have exceeded Dh13 billion in one year's operations.

The bank has setup a joint venture investment fund along with Abu Dhabi Investment House in order to construct real estate projects in the emirate.