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Swiss private bank to introduce Islamic banking products

Swiss private bankSwitzerland’s older private bank Lombard Odier is proposing to launch Islamic banking products in the Gulf countries. The bank has also announced that it will expand its current operations in Abu Dhabi and set up an office in Saudi Arabia. Lombard Odier has $281 billion in assets under management. The bank’s group MD Arnaud Leclercq said the bank is planning to strengthen its presence in Abu Dhabi as it is absolutely key for the bank and it is also contemplating a partnership in Saudi Arabia. The bank said it is planning to seek another license in UAE to set up an office, possibly in the Abu Dhabi Global Market. Lombard initially invested $10 million of clients’ funds in Islamic products in 2012 and has so far deployed a few hundreds of millions of dollars into what has become its complete suite of Sharia-compliant products, according to Leclercq.

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