Abu Dhabi Islamic Bank, ADGM sign deal to offer Shariah-compliant services


Published: Wed 16 Nov 2022, 5:19 PM

Abu Dhabi Islamic Bank (ADIB) has signed a memorandum of inderstanding (MoU) with Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, collaborating to support the growth needs of the financial community of Abu Dhabi.


A Staff Reporter

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The MoU entails ADIB providing ADGM registered and licenced entities and dedicated client managers Preferential Shariah-compliant banking services and facilitate knowledge sharing on latest banking and finance developments.

The MoU establishes a formal framework for cooperation and assistance between the bank and ADGM, and both parties will be focusing on strengthening collaboration in the areas of education and training, business development, co-hosting Digital Lab, creating awareness research pertaining to financial services, banking, and fintech-related initiatives.

Additionally, the MoU aims to increase collaboration between the two entities to initiate preferential banking services, such as fast and efficient bank account opening, for ADGM registered and licensed entities and dedicated client managers, among others.

Nasser Al Awadhi, group chief executive officer, ADIB, said this MoU is a strategic milestone in ADIB’s plan to contribute to economic and financial sector growth in the Emirate of Abu Dhabi and the UAE.

"In partnership with ADGM, we are committed to advancing the dynamic business environment and supporting thriving financial ecosystem. ADIB will provide ADGM registered entities with seamless banking experience, bespoke financial solutions and expertise through a broad collection of customised products and services to help them achieve their full potential.”

Dhaher bin Dhaher, CEO of the Registration Authority (RA) of ADGM, said the MoU between ADGM and ADIB will establish further collaboration in areas of banking and financial services.

"We are pleased to partner with a leading Islamic financial institution in the region to support mutually beneficial initiatives to empower ADGM’s community with dedicated Shariah-compliant banking services while also strengthening and growing Islamic banking offerings and financial solutions in Abu Dhabi and the UAE,” he said.

The association will further reinforce cooperation in various fintech initiatives, drive awareness, support in business development while focusing on education, and engagement.

In addition, the two parties seek to support each other’s key initiatives like the ADGM Digital Lab and cohost fintech events and workshops. The partnership will further drive UAE national work placements and tailored Shari’a compliant finance training programs, SME Shari’a compliant financing platform, fintech sandbox, and corporate innovation programs, among others.

The announcement was made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM between 14 and 18th November 2022, in partnership with key economic drivers of the Abu Dhabi economy and a group of global and regional financial institutions. The week-long event serves as a platform for in-depth conversations around the Mena region’s thriving financial sector, industry trends, developments and innovation involving financial markets and global banking.

— muzaffarrizvi@khaleejtimes.com

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