Mashreq launches Islamic banking division

UAE-based lender, Mashreq Group has announced the launch of its Islamic Banking Division, 'Mashreq Al Islami', in the country. The new division will offer a full suite of Shari'ah-compliant products and services, with a host of new products to be rolled out during 2010 to both retail and corporate customers, in addition to providing Islamic advisory services, structuring finance solutions, sukuk advisory, Islamic investment products, Islamic treasury products. 'Islamic banking is expected to contribute around 30% of the total banking sector in the next 3 years in the UAE, underpinning the importance of this market segment', said CEO Abdul Aziz Al Ghurair.