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UAE bank ADCB’s Islamic head resigns, to join RAKBank

Khumri to take up new post at the end of the month

March 14, 2011 4:06 by

Abu Dhabi Commercial Bank’s (ADCB) head of Islamic banking Mufaddal Khumri has resigned to help launch an Islamic branch at National Bank of Ras al Khaimah (RAKBank), two sources familiar with the move said on Monday.

Khumri will take up his new post at the end of the month, one source said.

A RAKBank spokeswoman declined to comment, while an ADCB spokesman was not immediately available for comment when contacted by Reuters.

RAKBank’s Islamic branch launch comes amid a growing debate over the separation of Islamic and conventional assets.

Last month, Qatar’s central bank asked conventional lenders to close down their Islamic operations amid worries of overlap between the two, raising questions over whether other regional central banks will follow suit.

(Reporting by Shaheen Pasha, Editing by Reed Stevenson)

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