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Islamic Banking

CBD Islamic Banking in UAE

CBD is winner of the prestigious ‘Islamic Bank of the Year Award for the UAE 2013’

“Attijari Al Islami has clearly established itself as a market leader in providing structured Sharia’a-compliant banking products and services to its extensive corporate client base, and we will always be ready to play our role in national endeavours.” – Peter Baltussen, CEO at CBD.

“It is our mission to take Islamic banking and finance to new heights through an unwavering focus on innovation and the desire to deliver excellence in everything we do. This includes developing and offering a broad and integrated range of products and services that are in perfect harmony with Sharia’ah principles.” - Nabil Tayeb Khoori, Head of Attijari Al Islami at CBD.

Islamic Banking in UAE- Setting new moral standards in the world of banking.


The finer points of Islamic Banking



In Islamic banking all transactions are based on the principle that funds don’t generate funds, unless coupled with an activity or work. The functions and operating modes of Islamic banks in UAE and their underlying transactions are based and approved on the principles of Islamic Shari'a. A guaranteed finance is paid on demand, without increase or decrease. Islamic banking in UAE promotes risk sharing between provider of capital (investor) and the user of funds (entrepreneur). It also aims at maximizing profit but subject to Shariah restrictions.


Public service-driven

Islamic Banking gives due importance to the public interest. Its ultimate aim is to ensure growth with equity. One of its main service functions is to be a Zakat Collection Centre with the banks also paying out their own Zakat.



Partnering new businesses is the fundamental function of the Islamic banks. Islamic banking seeks to actively encourage entrepreneurs by funding small enterprises through partnerships that end with ownership. Islamic banks provide funds to other banks without taking or giving interest.

What's more, Islamic banks have no provision to charge any extra money from the defaulters. In fact, only a nominal amount is levied by way of compensation and this money is donated to charity. On the other hand, rebates may be given for early settlement at the Bank's discretion.


Investment of funds

In Islamic banking, funds are invested only in lawful ventures that achieve social and economic development. Areas outlawed by the Shari’a are strictly avoided. The capital is invested on a partnership basis between the bank or entrepreneur and the capital provider.



Since Islamic banking operates under the principle of profit and loss sharing, the banks pay greater attention to developing project appraisal and evaluations. They give greater emphasis to the viability of the projects. The status of Islamic banks in relation to their clients is that of partners, investors, traders, buyers and sellers.



Islamic Banks can only guarantee deposits for deposit accounts, which is based on the principle of Al-Wadia’h. This means, the depositors are guaranteed repayment of their funds. However, if the account is based on the Mudarabah concept, depositors too have to share in a loss position.


CBD’s Shari'a Supervisory Board

Our Shari’a Board is comprised of renowned Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. The Board is responsible for reviewing, approving, and overseeing all of our product offerings, and is empowered to issue rulings in strict adherence to the principles of Shari’a;

Shaikh. Netham Mohamed Saleh AbdulRahman Yaqoobi
Chairman and Executive Member of Shariah Supervisory Board

Dr.Ahmad AbdulAziz Qassim AlHaddad
Member of Shariah Supervisory Board

Dr. Mohammad Abdul Rahim Sultan Al Olama
Member of Shariah Supervisory Board



Attijari Al Islami is the Commercial Bank of Dubai’s Islamic Banking section. It’s our mission to take Islamic banking and finance to new heights through an unwavering focus on innovation and the desire to deliver excellence in everything we do. This includes offering an integrated range of products and services that are in perfect harmony with Shari’a principles.
Islamic banking in 2009 and beyond remains positive despite the current challenging global financial environment. Its viability and competitiveness is derived from its ability to meet the changing demands of the economy, it’s cost competitiveness, it’s support from a well-developed legal, regulatory and supervisory framework; and most importantly, the fundamental Shari'a requirements of Islamic finance that support its stability. Islamic Banking is a rapidly growing phenomenon in the global financial markets.
Islamic principles don’t allow payment or receipt of Riba (interest) but do allow profit sharing. The concept of profit-and-loss sharing, as a basis of financial transactions is a progressive one as it distinguishes good performance from the bad and the mediocre, encouraging better resource management. Other elements include the emphasis on equitable contracts, the linking of finance to productivity, the desirability of profit sharing, and the prohibition of gambling and certain types of uncertainty. Islamic banks focus on generating returns on investments through investment tools that are Shari’a compliant.
The Islamic banking industry is a growing one and today stands at over a trillion dollars with more than 400 financial institutions in and outside the Muslim world. It is indigenous and community-focused: it caters to devout Muslims in predominant Muslim societies as well as in Muslim minorities of non-Muslim countries. It’s also an inclusive paradigm: non-Muslim individuals and communities that seek ethical financial solutions have also been attracted to Islamic banking.
Islamic Banking is essentially an ethical and equitable mode of financial services based in the Shari’a (Islamic law). The Sharia’a is derived from the Holy Quran and Sunnah (sayings, deeds and traditions) of the Prophet Muhammad (PBUH) and governs all aspects of personal and collective life. One of the key aims of Islamic Banking is to promote greater fairness in the conduct of business.