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ADNIF Portfolio to Reach Dh3.2 Billion by Year-end
Haseeb Haider / 26 May 2009
ABU DHABI - The Abu Dhabi National Islamic Finance, or ADNIF, a new subsidiary of the National Bank of Abu Dhabi, has projected its investment portfolio to grow to Dh3.2 billion by the year-end, a top official said.
At the end of last year, the Islamic finance company had an investment portfolio (loans and advances in terms of traditional banking) amounting to Dh2.2 billion, said Aref Al Khouri, General Manager of ADNIF, which was officially inaugurated on Monday by Nasser Ahmed Al Sowaidi, Chairman, National Bank of Abu Dhabi, at a ceremony attended by government officials and bankers.
He said that as of now, the Islamic finance company has Dh2.5 billion in investment portfolio.
Al Khouri said that ADNIF, which has a capital of Dh200 million, has raised Dh2.5 billion in deposits.
The company, which manages the Islamic banking division of NBAD, is to setup a branch in Al Ain within a few months, while two branches would be established in Dubai and Sharjah next year, where the demand for Islamic finance is expanding rapidly.
The new Islamic finance entity during the first year of operations earned Dh24 million, compared with the start up expense of Dh10 million in 2007, while it projects a 25 per cent growth in net profits, Al Khouri said.
ADNIF is offering unrestricted investment pools, Sukuk structuring, asset management services, in addition to Murabaha, Mudaraba & Istisna based finances.
Shariah compliant consumer finance facilities, Trade Finance, Wakala deposits, Reverse Murabaha, Investment deposits, current & savings accounts with ATM-Debit & Credit card facilities add up to its offerings.
“We expect to see fast relative growth in the Islamic banking market where ADNIF will take advantage by opening new branches in the UAE to expanding the network-depth,” he said.
The National Bank of Abu Dhabi currently operates across eleven countries offering a wide range of products and services tailored to cater for wholesale and retail clients.
The bank has a comprehensive network of branches, cash offices and ATMs all over the United Arab Emirates, as well as internet banking and a 24-hour call centre.
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