DIB launches Islamic financing consultancy

Dubai: Dubai Islamic Bank (DIB) on Sunday launched a subsidiary - Dar Al Sharia Legal & Financial Consultancy, a one-stop solution centre for all Sharia, legal and financial consultancy for all types of Islamic financing and investment transactions.

Dar Al Sharia has evolved from the bank's Sharia Coordination department, which over the past four years has prepared structures and documents for more than 14,000 transactions valued at Dh400 billion, including many big ticket sukuk issues.

"Dar Al Sharia will take the success of the Sharia Coordination department forward in assisting the Islamic finance industry in preparing Sharia-compliant and legally viable financial structures," said Mohammad Ebrahim Al Shaibani, chairman of the board of directors of Dubai Islamic Bank and Director-General of the Ruler's Court.

Dar Al Sharia will carry out research and development, Sharia training, audit and rating functions.

The company will closely liaise with clients, lawyers, bankers and investors on an end-to-end basis, from the initial concept through to the completion of transaction structure and documentation.

Trendsetter

"As the world's first Islamic bank, DIB has established itself as the industry authority and trendsetter in Sharia best practices. DIB's first-mover advantage has given us immense expertise and strength, which will now be available to the industry at large. We are pleased to transform our Sharia expertise into the new consultancy firm, which literally means the house of Sharia," said Al Shaibani.

While Sohail Zubairi will be the new company's chief executive, Dr Hussain Hamed Hassan, chairman of the Sharia Board of DIB, will serve as a director.