A New Chapter for Invest Bank: Islamic Banking Window Approved by the UAE Central Bank
Press release
Invest Bank is proud to announce that it has obtained an Islamic banking window license from the Central Bank of the United Arab Emirates (UAE). This milestone marks a significant moment in the bank's transformational journey, opening opportunities to expand its range of products and services to include best-in-class Sharia-compliant financial solutions for individuals and businesses in the UAE.
Edris Al Rafi, CEO of Invest Bank, said: "Sharia-compliant banking is a vital part of our community, aligning with the core goal of integrating banking activities with Islamic values, thereby promoting economic growth and ensuring social welfare.
The Central Bank of the UAE's approval of Invest Bank's Islamic banking window license reinforces the country's regulatory body's confidence in the bank's ability to provide inclusive and customer-focused financial services that meet the highest social and economic standards in the region.
With the sector expected to grow at a CAGR of 9.15% between 2025 and 2033, our new Invest Bank Islamic business window will offer a range of Sharia-compliant solutions that deliver maximum financial value to our customers."
Invest Bank has duly disclosed to the Abu Dhabi Securities Exchange (ADX) that it will be offering Islamic banking services and products to its customers.
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Background Information
Invest Bank
On November 28th, 1982, Jordan Investment and Finance Bank (INVESTBANK) started its activities as a financial company under the name Jordan Investment and Finance Company with an authorized capital of JD6 million in which half was paid on the opening of its Initial Public Offering (IPO) while the rest was paid within a year of granting the final license.
A group of founders headed by the late Nizar Abdul Rahim Jardaneh set the first foundation stone for this financial institution which contributes to the development of the Jordanian financial industry. The aim was to provide the required financing to the economic sectors in order to enrich their achievements and increase opportunities of economic and social development in Jordan.
Founders aimed at being compatible with the economic growth requirements as well as achieving a good return for the shareholders, supporting national savings, and using resources to sustain financial activities.
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