NBAD plans Islamic banking unit in Malaysia

ABU DHABI: National Bank of Abu Dhabi plans to set up an Islamic banking unit in Malaysia after its conventional bank unit starts operations there in the third-quarter, its chief executive said on Sunday.

"We have a conventional licence. If the authorities allow us, we would like to have an element for an Islamic licence," Michael Tomalin told reporters at an Islamic forum. The executive did not provide more details on the plan.

The lender, largest by market value in the United Arab Emirates, also plans to expand operations in the Middle East and is awaiting banking licences in Lebanon and Syria.

NBAD plans to have 50 branches in Egypt by 2014 from 30 branches currently, he said.