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The Arab Banking Corporation was an early entrant into the area of Islamic Banking and by the mid 1980s already had an active Islamic Banking Division operating within its Bahrain-based investment banking operation. This leading Islamic banking unit, with its own Shariah Board, specialized in liquidity management and in 1993 set up ABC Clearing Company, an overnight investment conduit, through which ABC's customers could place balances from their US dollar clearing accounts into short-term Islamic Investments.
As Islamic Banking and the market for Islamic financial services expanded, ABC increased its own commitment to the sector and in early 1998 converted its investment banking subsidiary into a fully fledged, independently regulated Islamic Bank renaming it ABC Islamic Bank thus reassuring existing and future customers of the continued purity and integrity of its Islamic products and services. Today ABC Islamic Bank is a market leader in Shariah-compliant corporate finance and Islamic capital market products, providing financing, hedging and liability management solutions to its regional and international clients.
Meanwhile, in ABC Group's other major hub, recognising the requirement for high quality, professionally managed investment products, ABC established an Islamic asset management operation in London. ABCIB Islamic Asset Management Limited ("IAM") was established as a subsidiary of ABC International Bank plc in November 2000, and is registered with the Financial Services Authority. Its primary responsibility is to originate, market and promote investment transactions to potential investors in collective investment funds or portfolios which comply with Shariah. The team draws upon a broad expertise and track record of developing niche market products in areas such as real estate and equipment leasing in major international markets.
ABC also offers Shariah-approved retail banking products from its London base under the alburaq brand. alburaq has established itself as the leading provider of home finance to British Muslims with the widest range of options in the market at competitive rates. Its products are distributed through Lloyds TSB, Bristol & West and the Islamic Bank of Britain, and its market leadership has already been recognized with three prestigious international awards. Uniquely, alburaq also offers Islamic finance to non-UK residents to enable them to purchase property in the UK using diminishing musharaka contracts.
Benefiting from its extensive global network and Arab World representation, ABC is able to leverage the specialist skills of ABC Islamic Bank, Bahrain and IAM in London into a comprehensive suite of Islamic financial services and products. And by combining with the product specialists from ABC Group's other core product offerings in Trade & Commodity Finance, Project Finance, Treasury and Investment Banking, ABC can make Shariah-compliant alternative solutions available for every client's needs.
Contacts: In London – susan.edwards@arabbanking.com
In Bahrain – walid.khairallah@arabbanking.com |
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