Ahli United Bank (UK) PLC Completes Successful Transition to Islamic Banking

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Ahli United Bank (UK) PLC has announced the successful completion of its conversion from conventional to Islamic banking. This landmark achievement positions AUB UK as a leading provider of Sharia-compliant banking and financial solutions in the UK market.

Over the past several months, AUB UK has meticulously implemented comprehensive changes to ensure that all its products and services comply with Sharia law. The Bank's transformation includes the development and restructuring of existing offerings, and the establishment of a dedicated Sharia Supervisory Board to oversee Sharia compliance.

“We are extremely proud to announce the successful completion of Ahli United Bank UK’s conversion to Islamic banking,” stated Mr Hamad Abdul Mohsen Al Marzouq, Chairman of the Group Board at Ahli United Bank. “This milestone marks a significant advancement in Ahli United Bank’s ongoing journey and builds on the prior success in transforming Ahli United Bank – Bahrain from conventional to Islamic banking with remarkable speed and efficiency.”

Al Marzouq also emphasized that converting Ahli United Bank’s UK operations to Sharia banking aligns with the Group’s strategy to expand its private banking services for high-net-worth clients. This move aims to cater to their financial, banking, and investment needs following Sharia principles, while fostering their wealth growth and supporting their ambitions through enhanced synergy across the Group’s units.

This significant step marks a valuable addition to the global Islamic banking landscape, particularly in the UK market. Given the rising demand and interest in Sharia-compliant products and services, the bank is committed to providing a comprehensive range of solutions that meet the diverse banking needs of its UK customers, all by Islamic principles.