ABN Amro Bank to launch retail Islamic banking services in the Middle East next year.
ABN Amro Bank is planning to launch retail Islamic banking services in the Middle East region by the second quarter of 2009 to meet the increasing demand for Islamic products in the region, according to a senior executive. ABN Amro would launch retail Islamic products within nine to 12 months after finalising preparations for Islamic services in the region. ABN Amro plans to accelerate the introduction of Islamic products during the next stage due to the increasing demand. « We plan to introduce between five and 10 new products every month. We expect to launch at least 30 new Islamic products during the second half of 2008.
The increasing Islamic deposits and the wealth generated in the Middle East region show great potential growth for Islamic banking services. Expectations are high that the Islamic banking sectors will grow by 30 per cent annually and ABN Amro expects its Shariah-compliant products to grow at least at the same pace.
Source: Islam Online