President issues decree to set up Crescent Bank

President H.H. Sheikh Khalifa bin Zayed Al Nahyan has issued a decree to establish a new bank. The Crescent Bank, according to the decree, will be a public joint stock company, fully owned by the Abu Dhabi Investment Council and will have an initial capital of Dh 4 billion.The decree names Isa Mohammed Al Suwaidi as chairman of the new bank, Mohammed Hassan Omran, Abdullah Nasser Al Suwaidi, Yunus Haji Khoory and Ahmed Sari Al Mazroue, as board members.The establishment of the bank is part of the initiatives by the UAE President and the Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, General Sheikh Mohammed bin Zayed Al Nahyan, to further boost the banking sector by providing the necessary finance for development projects.The bank's Dh 4 billion capital will be divided into shares on a nominal value of one dirham each, in accordance with the Islamic principles (Sharia).The bank will provide all modern banking services, including financing of commercial, investment, industrial, tourism, agriculture and real estate projects, as well as providing high quality banking services and advice for individuals and corporate bodies. Source