Abu Dhabi Islamic Bank PJSC (ADIB) plans to expand in North Africa as the lender controlled by the emirate's ruling family seeks to access morep-opulo (more)
Abu Dhabi Islamic Bank PJSC (ADIB) plans to expand in North Africa as the lender controlled by the emirate's ruling family seeks to access morep-opulous markets.
The bank applied for licenses in Algeria and Libya and is considering Tunisia and Morocco, Chief Executive Officer Tirad Mahmoud, said in an Aug. 4 interview. Interest in Shariah-compliant banking has increased since 2011, when revolts in North Africa catapulted Islamists to power.
We are seeking to expand in nations with "a critical mass in terms of population and economic activity," Mahmoud said. The bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid Al Futtaim, which operate across the Middle East and North Africa and rely on global lenders such as HSBC Holdings Plc (HSBA) and Citigroup Inc., he said.
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