Ahlibank chairman Hamdan Ali Nasser Al Hinai was quoted by Times Business as saying that the firm will re-examine the potential for opening more branches for Islamic banking operations and if necessary plan more.
"In terms of infrastructure, we have implemented a Core Banking IT System (iMal) to support our Islamic banking activities, and identified premises and refurbished the same to create dedicated branches for providing Islamic banking services at five different locations across the regions and plan to propose more. In terms of products, we have identified the product range to be offered and have had the same configured in our system," Hinai said.
"The system has since been tested and is ready for launch. Internally we have identified staff to support our initiative and they have been trained as Certified Islamic Bankers. We have also recruited new staff who are undergoing training and our emphasis is to have a knowledge-based faculty of staff who will be able to add value to our Islamic banking initiative, Hinai told Times Business.
The Islamic bank said that its policies and procedures are currently under evaluation for shariah compliance and it also has plans to raise its capital and dedicate the new capital to the Islamic banking activities.
The bank said that it has strategic partnership with Ahli United Bank who has experience in managing Islamic banking throughout the Gulf Cooperation Council (GCC) countries and the UK.
