he National Bank of Abu Dhabi, the second-largest bank in the United Arab Emirates (UAE) by assets, plans to triple its contribution from Islamic banking by introducing sharia-compliant services in Egypt, Oman and Malaysia.
NBAD aims to derive up to 10 percent of its operating income from Islamic banking by 2020, from 3 percent presently, chief executive Michael Tomlin told reporters at the launch of its Malaysian subsidiary on Monday.
NBAD has invested 310 million ringgit ($101.49 million) in paid-up capital to establish a wholly-owned subsidiary in Malaysia where it will focus on conventional products for wholesale clients.
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