What is ADCB’s view on the spread of Islamic finance?
We are in a certain part of the world and are at a time in history that having Islamic finance is essential. It is no longer ‘good to have’ or an add-on. It is an essential and an integral product that you need to have as a bank. It is demanded, it is expected and it is no longer an option. We are focusing on the affluent segment which wants to have the option of having conventional or Islamic products, as long as they do not compromise on the Shari’ah principles or on the service and cost. This is our target. Banking at the end of the day is about convenience and if you provide that convenience, the same branch, same distribution channel, without compromising on the Shari’ah principles. Today, Islamic banking is 30 per cent of all of our new retail business, under our Meethaq brand. I have seen conventional banks which passed through the crisis with flying colours and I have seen some Islamic banks which were hurt. I think it was about more than the product suite; it was the banks’ st
