| Swiss bank enters Islamic financing | | | | 11.13.2009 | | | | http://www.dubaicity.com/news/Swiss-bank-enters-Islamic-financing.htm DOHA: Bank Sarasin has become one of the first Swiss private banks to enter the world of Islamic finance with the global launch here yesterday at the Museum of Islamic Art of its wealth management offering that encompass the full range of Shariah-compliant private banking products and services.
Sarasin’s Islamic wealth management offering creates a new benchmark by incorporating estate and succession planning, financing and asset management with such money market and structured products as Wakala, Murabaha and Maraya.
Wakala is a Shariah compliant fiduciary agreement between two parties, while Murabaha is defined as a contract of sale in which commodity is sold on profit where the seller is obliged to tell the buyer his cost price and the profit he is making and Maraya is an Islamic structured product that is based on Murabaha or a series of Murabaha transactions.
The Islamic suite of products are monitored and delivered by some of the most renowned experts in Islamic finance and Shariah that will be advising the bank on its services in the region to its clients.
With this launch, Sarasin provides an even broader customised offering to its clients globally and further strengthens its position in the Middle East, said the bank’s officials.
The Sarasin Group is represented in the Middle East by its Sarasin-Alpen subsidiaries, which are located in Dubai, Qatar and Oman.
“We have perceived in the past couple of years that we have been in the region real interest for these services. We are proud to be the first Swiss private bank to offer such a holistic range of opportunities in Islamic finance to the region and on a global scale,” Fidelis M Goetz, Head of Banking Division at Bank Sarasin, Switzerland said.
Goetz said the reason why a Swiss private bank is entering Islamic finance is that it is a natural progression of what Bank Sarasin has been doing for years.
“We have built a track record and strong expertise in sustainable investments. Sustainability in general terms is not just about environmental aspects but it is also about socially and ethical responsible efforts,” he said.
“The launch of our Islamic wealth management offering reflects our commitment to serving the diverse needs of our clients based on a responsible, long-term approach, as well as our unique capabilities given our considerable expertise in the Middle East and our proven track record as a specialised asset manager.”
Fares Mourad, Managing Director, Head of Islamic Finance at Bank Sarasin said wealth brings with it responsibility. “Responsibility has been the guiding principle of Bank Sarasin,” he said.
“Sustainable and social responsible investment with a long-term perspectives has been all the time our approach of choice. This is basically the spirit and the core of Islamic wealth management.”
He said that statistics show that about 50 percent of the Islamic finance market is situated in the GCC, while 25 percent of the market is in the South East Asia and the rest is scattered around the world.
“This is why we decided to launch this initiative in the GCC countries. However, from the soft launch we had until now we found a tremendous interest from and within Europe itself. Ultimately our aim is to operate on a global basis. But what we are doing is a step by step approach,” he said. |
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