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ADIB is first UAE bank to launch Iraq operations


25 Jul 2012 04:26 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق


ADIB is now poised to support and guide UAE and GCC investments in Iraq and its surrounding areas, it will also develop the Islamic finance industry in Iraq by bringing best in class Islamic banking products.

During the initial months of operations, ADIB's market entry strategy will see it serve corporate and private banking customers. It will offer corporate finance, investment banking and treasury products to the Iraq market. In addition, ADIB will offer traditional commercial banking services such as international trade finance solutions.

Unveiling the bank's Iraq expansion plans, Tirad Al Mahmoud, CEO of ADIB said: "Iraq has been on our agenda for some time now and we believe that this is the opportune time to launch our presence there. The country is on a comeback trail, business conditions have improved considerably and it's the right time to get in. Its vast oil reserves, a great rebuilding and infrastructure development effort and a growing population present great opportunities for growth. We aim to play a pivotal role in the development of its economy."

ADIB was also granted approval from Central Bank of Iraq to confirm Iraq oil export letters of credit issued by multinational oil corporations, multinational commodities and oil traders and financial institutions that issue letters of credit on behalf of their clients.

Tirad added: "Our challenges are clear. We aim to increase the private sector banks' share of the Iraqi market from the current level of less than 20% and to develop the Islamic banking industry there."

-Ends-

About ADIB: Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999.

ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.

The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles.

ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari'a inspired. It brings to its customers banking as it should be.

ADIB - 2011 Awards:

1. ADIB was named the "Best Overall Bank in the UAE in customer service" for 2011 by Ethos Consultancy.

2. ADIB won the" Best Branch Award in the UAE" for 2011 by Ethos Consultancy

3. ADIB was named the "Best Islamic Bank in the UAE" for 2011 by Global Finance Magazine

4. ADIB was named Best Islamic Bank for 2011 by Business Banking and Finance Magazine

5. ADIB won Best Corporate Bank for 2011 by Business Banking and Finance Magazine

6. ADIB was named "The Best Islamic Bank" in the Middle East region for the second year running at the Banker Middle East Industry Awards 2011.

7. ADIB was nominated as "Fastest Growing Bank in the UAE" by the awards jury at the Banker Middle East Industry Awards 2011.

8. ADIB won the Best Islamic Bank in the UAE by EMEA Finance magazine

9. ADIB won the Best Islamic Bank in the UAE by Islamic Finance News Magazine

10. ADIB won Syndicated loan of the year by Islamic Finance News Magazine

For media information, please visit www.adib.ae or contact:Mohammad Z. Al-QassemAccount ManagerWeber ShandwickMobile: +971 50 288 9601Email: mohammad.alqassem@ws-mena.com

© Press Release 2012  

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