Islamic Finance 

Habib Bank AG Zurich celebrates the first anniversary of their Islamic Banking Brand SIRAT

| 18 July, 2018
Habib Bank AG Zurich celebrates the first anniversary of their Islamic Banking Brand SIRAT

Dubai, UAE : Habib Bank AG Zurich celebrated the first anniversary of the launch of their global Islamic Banking brand “SIRAT” in the UAE.

On this occasion Jamal Alvi, Chief Executive Officer, UAE, Habib Bank AG Zurich, said

Habib Bank AG Zurich’s Islamic Banking brand, SIRAT, was launched in UAE a year ago. The brand’s presence in one of the world’s leading markets for Islamic Banking & Finance is an integral part of the Bank’s overall strategy to become a key player in this rapidly growing and evolving sector. For HBZ, personalised customer service has always been a key strength and we continue to bring the same ethos to SIRAT.

We are confident that SIRAT will have a positive impact on UAE's Islamic banking sector. We remain firmly committed to be the Trusted Partner to our customers, by fulfilling their evolving demands and to the UAE Government and its goal to make UAE the global centre for Islamic Banking.

We provide Islamic Banking products and services through prudently separated window operations at all eight branches across the UAE, while keeping in view Shari'ah and regulatory requirements. HBZ offer a wide range of products and services that are designed based on Shari'ah principles and approved by an independent Shari'ah Board, comprising of Sheikh Dr. Nedham MS Yaquby, Shari’ah Board Chairman, Prof. Jassem Alshamsi & Mufti Muhammad  Najeeb Khan, Shari’ah Board Members of UAE. Following are the suite of Shari’ah compliant products and aervices, offered by our dedicated team of specialists:

  • Current & Saving Accounts based on Islamic concept of Qard.
  • Wakala Islamic Term Deposits.
  • Murabaha Auto Finance.
  • Ijara Home Finance.
  • Islamic Letter of Credit (Wakala / Kafalah).
  • Import Murabaha Finance.
  • Export Musawama Finance.

As an international bank leading the way in 8 different countries including Muslim populated geographies in Asia, Africa and the Middle East, we have a unique insight for understanding our customer’s needs and delivering Shari’ah compliant solutions. 

 Sirat

About SIRAT

SIRAT is an Arabic word translating to 'path' or 'direction'. It signifies a path to success, and carries unfeigned expression of the strong credo of 'HBZ' as a trusted partner to its stakeholders. The name SIRAT, has strong resonance with the core values of the bank. 

Apart from the meaning, SIRAT as an acronym represents the centuries old legacy of the Habib family as follows.

S-Security   I-Integrity   R-Reliability  A-Accessibility  T-Trust

SIRAT truly stands out as reflection and clear communication of our intent to build a transparent Islamic banking model, focused on customer service and building partnership within Shari’ah principles.

With a committed team of professionals, the brand aims to garner a stronghold itself resulting in an extended outreach well spread across the country and globally.

For further information, please contact:

Aftab Shaukat
Head Islamic Banking – UAE
Tel: +971 50 8702720
E-mail: a.shaukat@habibbank.com

Notes to Editors

Habib Bank AG Zurich (HBZ) was established in Switzerland in 1967 on a solid foundation of banking tradition that spans several generations. Traditional banking values set in the context of international banking has determined HBZ's corporate philosophy - "Service with Security" - for over 50 years in operation.

Habib Bank AG Zurich – started its operations in the United Arab Emirates in 1974 and takes pride in its long-standing relationships with the multi-cultural business community. HBZ is viewed as one of the top five international banks in the UAE.

The Bank's technology innovation began in the UAE in 1994. This has resulted in HBZ winning multiple international, regional and UAE awards. The UAE operations contribute significantly in technology and operational excellence across the Group's international footprint.

Today, HBZ has eight branches across the country in the Emirates of Abu Dhabi, Dubai and Sharjah offering a complete range of commercial banking services.

HBZ is the heir to a rich tradition of commerce and banking dating back to 1841. The international banking and financial community respects HBZ for its conservative approach and its emphasis on high liquidity. The excellent reputation that the bank enjoys today is mainly due to its long tradition, international experience and a team of dedicated professionals who offer personal, friendly and efficient service.

As a Swiss incorporated bank, we offer a high level of confidentiality and strict adherence to the rules and regulations of the Swiss Financial Market Supervisory Authority (FINMA) and several other international banking regulators.

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