14.03.2006 UBS, the biggest bank in Switzerland, intends to absorb its Islamic banking unit (Noriba subsidiary) in the Gulf in order to offer Sharia compliant financial products worldwide. Its Noriba subsidiary offers services, but at the end of the year it would be transferred to UBS Wealth Management and Investment Banking divisions.
Noriba subsidiary was set up in Bahrain in 2002 for offering Sharia-compliant products. 65 employees of the UBS bank are based in United Arab Emirates, Bahrain, Egypt and Lebanon. Through its Noriba subsidiary, UBS is aiming at high net worth and institutional individuals in the Gulf.
Sharia compliant products means al the financial products for the Islamic World. These are characterized to particular application requirements, like "usury" (sharing profits or losses between the bank and its client), and not investing in companies related to pornography, gambling, alcohol, tobacco and pork production. Because Islamic (or Sharia) law forbids the payment of interest, banks use a system based on the sharing of capital gains.

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