DUBAI, 4 March 2007 — Dubai Bank has announced the official launch of “Sanad”, a flexible Shariah-compliant personal financing solution. Through Sanad, customers can get the liquidity that they need to either meet their diverse personal finance requirements or to transfer their outstanding liabilities from another bank, thus enabling them to start an Islamic relationship with Dubai Bank. Adnan Chilwan, head of marketing and product development, Dubai Bank said: “Today the banking industry within the UAE, including both conventional and Islamic banks, has become increasingly customer-centric.”
DLC Obtains Credit Facility for Project
Arab News
DUBAI — Dubai Islamic Bank and Kuwait-based Kharafi Group, a privately-owned group with interests across 33 countries, have signed a banking credit facility agreement for AED750 million to finance the AED1.465 billion contract for construction of Dubai Logistics City (DLC) headquarters and office park, a key component of Dubai World Central (DWC). DWC, the $33 billion aviation and logistics project being developed in Jebel Ali, covers 140 square kilometers and is being developed by the Department of Civil Aviation, Dubai.
Hawala Operators Not Involved in Scam
Arab News
DUBAI — The UAE Central Bank Gov. Sultan Nasser Al-Suweidi said that no hawala operators were involved in the money laundering racket, recently arrested by Dubai Police. “The arrested gang members are not licensed hawala operators.”