Bank joins hands with Awqaf & Minors' Affairs Foundation in this initiative
Sharjah, UAE (July 30, 2013): The Best Domestic Retail Bank in the Middle East, as voted by the Banker Middle East Industry Awards – 2013 and the UAE's fastest growing Retail Bank, has again joined hands with Awqaf & Minors' Affairs Foundation for second year running to disburse meals to over 4,500 deserving people during the holy month of Ramadan.
Sheikh Mohamed Al Nuaimi, Executive Vice President, UAB said: “UAB's Islamic Banking Division is happy to continue Ramadan initiative in association with Awqaf & Minors' Affairs foundation as part of our ongoing commitment to give back to the community we operate in. Since inception we have keenly participated in various charitable events in keeping with the spirit of giving during the holy month and have sought every opportunity to contribute in the betterment of society.”
Ahmad Hamad Abu Shehab Director of Endowment Development, Awqaf & Minors' Affairs Foundation, stated: “We are thankful to UAB for strengthening & supporting charitable causes that are organized by Awqaf & Minors' Affairs Foundation every year. This act reiterates UAB's gratitude and appreciation for the great responsibility undertaken by the department of providing free If tar packs to Muslims.
Mrs Yusra Abdul Ghaffar Baqi, Head of Branches & Islamic Banking, UAB added: “We are extremely pleased to further strengthen our partnership with the foundation. We are resolved to form community partnerships that will create long lasting benefits and efficiencies and what can be a better time to do so than in Ramadan . UAB has always been a community bank in the true sense of the word, and will contribute generously to the welfare of a society that has supported us for years”.
UAB's Islamic Division is managed by a team of Islamic scholars who review and oversee all the products and initiatives launched. Products offered are Ijarah Home Finance, Personal Finance, Vehicle Murabaha and Islamic Deposits. This division has ensured that all the charitable causes adhere to the principles of Islamic Shari'ah and community outreach is one of them. Such initiatives have helped UAB reinforce its standing as a local bank and increase the confidence of its clients in the bank's Islamic portfolio.
About United Arab Bank:
United Arab Bank (UAB) was established in 1975 as a joint venture between UAE investors and Societe Generale. The Bank is operating with a network of 20 branches and offices spread across the UAE with its headquarters in Sharjah. UAB offers a range of financial services in both Corporate and Retail and is acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates.
Through the provision of a comprehensive range of Corporate Banking, Retail Banking, Trade Finance, SME Banking and Treasury services, UAB is the Bank of choice among major corporate clientele segments in the UAE. With the launch of its ‘Sadara' premium banking service, Islamic Banking Services and ‘UAB Rewards' loyalty programme, the Bank has grown its retail customer base, aiming to expand further. All these initiatives and a consistent year on year performance has positioned UAB as one of the fastest growing banks in the region.
The bank is ranked 23rd amongst the top listed companies in the UAE and is one of the top 50 banks in the GCC in terms of market capitalization. UAB announced a record net profit of AED 410 million for the year ended 31 December 2012, an increase of 24% over 2011 and the highest annual net profit ever reported by UAB.
In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by The Commercial Bank of Qatar (Cb), Qatar's largest private sector bank. United Arab Bank's strong financial performance in 2012 is also indicative of the benefits gleaned from its strategic alliance with the Qatari Bank.
The Commercial Bank of Qatar has a similar alliance with National Bank of Oman (NBO), which has positioned all three banks more strongly for future growth. UAB is not only the fastest growing local bank but also is one of the most profitable. The Bank has the strategic vision and momentum to continue on its growth trajectory, as its executive team seeks to create long term value for its shareholders.