Dubai, Asharq Al-Awsat- Dubai Islamic Bank (DIB), the world’s first Islamic bank, will soon launch the world’s first Shariaa, legal and financial consultancy firm to provide, as a one-stop center, for the solution of all financial structuring, legal documentation and product development needs of the Islamic finance industry.
The new entity will also carry-out research and development and providing Shariaa training. In due course, the entity will also undertake Shariaa audit and Shariaa rating functions.
Announcing the move, Saad Abdul Razak, Group CEO of DIB, said: “With the worldwide exponential growth in demand for Islamic financing and investment products, the need for a strong source for providing quality Shariaa guidance on a comprehensive basis was greatly felt. By setting up the firm, DIB would like to share its Shariaa expertise with any one seeking complete and authentic Shariaa guidance. This move will also augment the efforts by Dubai and UAE to become the world’s financial hub and to provide the financial market with the necessary tools to develop innovative Islamic financial solutions for the industry”.