Brunei group poaches Deutsche Islamic subsidiary's team

The move, announced earlier this week, is believed to have surprised Deutsche Bank. DI is a joint venture between Deutsche Bank, London brokers Russell Wood and Oxford Islamic Finance, a spinoff from the Oxford Centre for Islamic Studies.

The sharia board, provided by Oxford Islamic Finance, is still in place, and Deutsche Bank employees are taking up the slack for the departed team on an interim basis. Deutsche Bank has yet to name any permanent replacements.

BMB is a Dubai-owned Islamic asset management group, aimed at rich Middle Eastern and South-East Asian private investors. In a statement, it said it would rebrand the team as "BMB Islamic".

Team leader Humayon Dar attributed his departure to the involvement of "insincere" non-Islamic banks in the Islamic market: "One hears ‘sharia-compliance’ used by many other parties whose motivations are less than sincere and could be described as disingenuous. The Islamic financial services industry is being dominated by conventional banks that are eager to capture the Islamic market but without necessarily having access to truly authentic sharia advice," he said.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: