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DBS to exit Islamic banking

DBS Group said it would be slowly exiting Islamic banking portfolio. It said it has failed to achieve economies of scale. The bank said it would continue to develop and distribute Shariah compliant products such as Islamic bonds or Sukuk, within the bank’s main operations. It will also try to absorb the staff of the Islamic Bank of Asia, which was established in 2007 as a joint venture between DBS Bank and prominent investors based in the Gulf. The bank has been focusing on the bank’s core businesses and reducing its non-core assets.

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