Dubai-based lender Emirates Islamic is laying off 200 staff to cut costs, according to a report, Bloomberg said. An un-named source confirmed to The National newspaper that the bank–which serves as the sharia-compliant financing arm of Dubai lender Emirates NBD–was downsizing its workforce. However, Emirates Islamic declined to deny or confirm the report. Several banks in the United Arab Emirates have trimmed local operations as they look to reduce costs. Barclays is reducing its Dubai workforce by 150 people and closing its offices in Emaar Square, Bloomberg reported.
