IslamicFinance.de

First Gulf Bank (FGB) has increased its stakes in Aseel Islamic Finance, through a purchase agreement which has raised the bank's ownership from 40% to 100%. With a paid-up capital of AED 800 million, Aseel is now FGB's Islamic banking and finance arm. Aseel will offer a full-fledged range of Islamic solutions, such as Business Financing, Murabaha and Ijarah products for SMEs, Takaful, Investment products, Corporate Deposits, and Trade facilities in addition to Real Estate services. It will also share responsibility for managing the bank's existing Emirati Al Awwal Islamic savings certificates programme, Transaction Accounts and Individual Deposits. Aseel Islamic Finance will maintain an independent board of directors with Hana Al Rostamani as the Chairperson, while Javed Afzal was appointed as the Chief Executive Officer.