Abu Dhabi Islamic Bank (ADIB) receives Mohammed Bin Rashid Al Maktoum Business Award

Abu Dhabi Islamic Bank (ADIB) has been awarded the prestigious Mohammed Bin Rashid Al Maktoum Business Award (MRM) in the financial services category.

The award was presented by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and received by HE Jawaan Awaidha Al-Khaili, Chairman of ADIB, at a ceremony held in Dubai.

Abu Dhabi Islamic Bank (ADIB) receives Mohammed Bin Rashid Al Maktoum Business Award

Abu Dhabi Islamic Bank (ADIB) receives Mohammed Bin Rashid Al Maktoum Business Award

HH Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum presenting the award to HE Jawaan Awaidha Al-Khaili.

Instituted by the Dubai Chamber of Commerce and Industry, the Mohammed Bin Rashid Al Maktoum Business Award is the highest level of recognition for business excellence in the UAE. The award has been introduced and designed to recognise and celebrate the success of organisations that have contributed to the economic development of the UAE and demonstrated world-class standards in procedures and operations.

Tirad Al Mahmoud, CEO of ADIB, said, “We would like to extend our greatest appreciation to His Highness Sheikh Mohammad Bin Rashid Al Maktoum, for his guidance and his emphasis on service excellence. We also thank Dubai Chamber of Commerce and Industry for this prestigious award. We feel very pleased and honored to receive it.

“The award comes to acknowledge ADIB’s dedication and efforts to achieving excellence, as we focus our business on promoting economic and social development and on providing our customers with world-class products and services. As a leading UAE Islamic bank, we put a strong emphasis on ethics, giving our corporate and individual customers services that are in-line with our values and promise to deliver banking as it should be.”


Abu Dhabi Islamic Bank (ADIB) Egypt announces its third quarter financial results

ADIB posted remarkable net profit of EGP 34.9 million for Q3 and EGP 68.8million for first nine months of 2013
Cairo, November 12th, 2013 .

Abu Dhabi Islamic Bank (ADIB) Egypt announces its third quarter financial results

Abu Dhabi Islamic Bank (ADIB) Egypt announces its third quarter financial results

Abu Dhabi Islamic Bank (ADIB) Egypt recently announced its financial results for the first nine months of 2013, highlighting outstanding growth. In Q3 FY13, the bank’s net profit reached EGP 34.9 million, bringing accumulated net profits for the first nine months of the year to EGP 68.8 million and representing growth of EGP 329.7 million, compared with net losses of EGP 260.9 million during the same period in 2012.

“Despite the Egyptian economy’s slow recovery rate in recent months, ADIB Egypt has maintained to report strong progress in its financial results,” said Nevine Loutfy, CEO & Managing Director of ADIB Egypt. “Following the achievement in Q1 of our first positive net income of EGP 11.4 million since the acquisition by the Emirati Consortium in September 2007; the second quarter witnessed double the net Income of Q1 to reach EGP 22.5 million and the third quarter surpassed this to reach EGP 34.9 million with an increase of 54.7% over Q2 bringing accumulative net profits for the first nine months of the year to EGP 68.8 million.”

ADIB Egypt’s transformation came as a result of the successful policies that have been implemented in recent years aimed at strengthening the bank’s financial position. A crucial part of the bank’s profit-realization strategy was a result of the decision to cover the provision gap of EGP 950 million in non-performing loans at one time, rather than reimbursing them in installments through 2014. This step allowed ADIB Egypt to adjust the balance sheet and increase capital adequacy ratio to 11.28%, helping the bank meet the Basel II criteria issued on 09/30/2013.

ADIB Egypt has also worked consistently to support growth across all business sectors including wholesale and consumer banking sectors, while creating a customer-centric bank that focuses on providing the best customer service possible.
A number of ADIB Egypt’s key business sectors have grown over the first nine months of 2013, with the bank’s financing portfolio increasing from EGP 880 million to EGP 6.2 billion, marking a growth margin of 16.5%, of which the wholesale banking sector comprises EGP 3.8 billion. The growth was largely achieved as a result of large corporate customers and public sector companies. Additionally, the bank took a leading role in managing and arranging the first syndication that was executed under the umbrella of Moudarba system. Moreover, the small and medium-sized enterprises (SMEs) sector achieved growth of EGP 91 million.

ADIB Egypt’s consumer banking sector also contributed to the bank’s growth by offering a total EGP 2.1 billion in financing to consumers.

Total deposits grew substantially by 7.1% to reach EGP 12.3 billion in the first nine months of 2013. This growth was achieved through both the consumer banking and wholesale sectors, with the focus on increasing the current and saving accounts portfolio, while maintaining a high level of liquidity with a finance-to-deposit ratio of 48%.

Nevine Loutfy added, “The outstanding results that ADIB Egypt has achieved during the first nine months of the year, come as a direct result of the improved performance indicators. We have worked consistently to implement solid policies that ensure we maintain moderate risk rates. We will continue to move forward with our development plans and strive to achieve growth in all aspects of our business. We are committed to providing excellent service to our customers to ensure ADIB Egypt maintains its leadership position in the Egyptian market.”


About Abu Dhabi Islamic Bank (ADIB) – Egypt:

In the last quarter of 2007, Abu Dhabi Islamic Bank (ADIB) acquired a major stake (49%) in NBD that was founded in 1980. In 2012 ADIB completed its restructuring processes implemented following the acquisition covering all aspects of the Bank’s business thus moving towards becoming a fully Islamic Shari’a compliant bank capable of competing at the highest levels in the Egyptian market. Currently, ADIB Egypt has over 2000 employees, 70 branches and 66 ATMs across Egypt and a 24/7 call center. The Bank has won two prestigious awards, ‘Best Islamic Bank in Egypt’ for the third consecutive year and ‘Best Islamic Private Bank’ for 2012 for the second consecutive year. The awards were conducted by Islamic Finance News (IFN).

For more information please contact:
Abeer El-Areeny or Ahmed Kamal at TRACCS Egypt
Tel: (+202) 3304-6870 Fax: (+202) 3303-1219
Email: [email protected] [email protected]

© Press Release 2013


The Global Islamic Economy Summit announces title sponsors

Thomson Reuters and the Dubai Chamber of Commerce & Industry, the organisers of the upcoming ‘Global Islamic Economy Summit’ (GIES), announced their partnership with ADIB and Dubai Islamic Bank, who are taking on the role of Title Sponsors of the event.

The Global Islamic Economy Summit announces title sponsors

The Global Islamic Economy Summit announces title sponsors

In addition, the leading Nutrition, Health and Wellness company, Nestlé Middle East, signs up as Diamond Sponsor, while Emirates NBD, Qatar First Bank and the Global University of Islamic Finance (INCEIF) have also signed on as Gold Sponsors, while the Dubai Multi Commodities Centre (DMCC), Afridi & Angell Legal Consultants, Société Générale and MasterCard have signed on as Silver Sponsors.
GIES is held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. While in line with Dubai’s Islamic Economy Strategy announced by His Highness on October 5, the conference also seeks to addresses the challenges and opportunities the industry faces and its contribution to the global economy.
Russell Haworth, Managing Director – Middle East & North Africa, Thomson Reuters, said, “The calibre of sponsors supporting GIES is testament to the local and international interest in the opportunities that the Islamic Economy presents. From leading local, regional and Islamic banks that aspire to become international players, to a European bank that sees a huge opportunity in this sector, to a global food producer, education, consumer credit and legal services providers and the largest free zone in the UAE, our sponsors will be invaluable to the success of GIES.”
Tirad Al Mahmoud, CEO at A DIB said, “At A DIB, we hold an unwavering commitment to playing a role in the development of the Islamic finance industry. We are very excited to be lead supporters for The Global Islamic Economy Summit – an ideal platform to share our core values as an expanding Islamic financial services institution with the wider community in the UAE, region and beyond.”
GIES, Dr Adnan Chilwan, Chief Executive Officer of DIB said. “Being the first Islamic bank in the world, Dubai Islamic Bank is proud to play its role in the Global Islamic Economy Summit. As pioneers of Islamic banking, DIB has been at the forefront of developments in the Islamic financial sector over the past four decades. We have consistently added value to the franchise and contributed to the growth and development of all sectors of the UAE economy. Our vision of becoming the most progressive financial institution in the world is fully in line with the vision of the leadership of this great country. Today, with our rich heritage, unrivalled expertise and tradition of innovation, we are perfectly positioned to play a key role in Dubai becoming the global capital of Islamic economy.”
GIES aims to initiate critical dialogue on the development of the integrated sectors of the Islamic Economy, covering Islamic financial services, Halal food, Halal Lifestyle, Halal Travel, SME Development and Islamic Economy Infrastructure such as standardization and research.
Yves Manghardt, Chairman and CEO Nestle Middle East FZE, commented on the company’s role as a sponsor: “As the leading Nutrition Health and Wellness company, Nestlé is proud to be a partner of the Global Islamic Economy Summit. We have been pioneers in providing a wide range of Halal food options for Muslim consumers around the world, and we are delighted to be part of Dubai’s initiatives to highlight the importance of the Halal sector as a key component of the Islamic economy and culture.”
The Summit will also feature ground-breaking market studies and other announcements such as the winners of the ‘Islamic Economy Award’ which recognises a mix of regional and global leaders from 14 Islamic economy sectors.
GIES will take place on 25th – 26th November, 2013 at Madinat Jumeirah in Dubai. GIES will gather leading thinkers, policy makers and stakeholders from around the world to lead a discussion on the future of the Islamic economy.

Abu Dhabi Islamic Bank targets more than 50% Emiratisation rate in 2012

At Careers UAE 2012 in Dubai, Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, confirmed that it was on course to exceed its targeted Emiratisation rate of more than 50% at the end of 2012. The bank leads in Emiratisation across the UAE banking sector with a rate of 48% achieved last year. This is up from 34% that was reached in 2008.

As Platinum Sponsor of the Careers UAE 2012, the bank has utilized its involvement in such events over the years to drive the identification and recruitment of the UAE national talents.

Waheeb Khazraji, Head of HR at ADIB, said, “We are encouraged by the enthusiasm shown by the UAE national talent that visited our stand at the Careers UAE 2012 and expressed their desire to work in the Islamic Banking industry. It is evident that they are increasingly viewing the banking sector as an employer of choice and are aware of the exciting growth opportunities that it provides. We are committed to recruit and train UAE national talent from across UAE and to provide them with opportunities and guidance to take on leadership positions in the banking sector.”

ADIB hosted a Power Lunch at the Careers UAE 2012 where senior executives of the bank answered all questions put forward to them by the attendees.

“We have launched many training initiatives to encourage Emiratisation and enhance our Emirati workforce qualifications. Our Tatweer initiative, that was launched recently, provides complete tuition and other education related expenses for employees who decide to upgrade their qualifications and professional degrees at any institution of higher education,” added Waheeb.

ADIB’s continued commitment to Emiratization has been recognized by the Emirates Institute of Banking and Financial Studies (EIBFS) that has presented the bank with their Human Resource Development Award in the first category for two years running.


Abu Dhabi Islamic Bank and Canadian University of Dubai partnered to support the community in education & financial services

Dubai, February 20, 2012: In a move to make higher education more accessible to local and international students, Canadian University of Dubai (CUD) and Abu Dhabi Islamic Bank (ADIB) have formed an innovative partnership to provide students with flexible new options for education financing.

The partners announced details of the new program at the official signing of a Memorandum of Understanding (MoU) at the CUD Red Theatre between Mr. Buti Saeed Al Ghandi, CUD Chancellor, and Mr. Waheeb Khazraji, Head of HR at ADIB.

The key innovation in the program is ADIB’s issuance of Sharia-compliant financial education services, not normally provided in the education sector, that will allow for more flexible repayment plans at extremely low profit level rates. Additional benefits of the partnership include opportunities for top CUD students to be accepted in ADIB’s leadership program and student participation in an ADIB Executive Speaker Series at CUD.

In return, CUD will become a key service provider in ADIB’s extensive staff educational programs. Bank employees will enroll in CUD’s Masters and Bachelor programs at a discounted rate, helping them to advance their career opportunities and attain their personal educational goals. CUD’s flexible delivery schedule allowing students to study on weekends and evening allows for the employees to work and study simultaneously.

Buti Saeed Al Ghandi, Chancellor of CUD said: “We, at the Canadian University of Dubai, are very pleased to announce a partnership with the leading bank in Islamic Finance, Abu Dhabi Islamic Bank. This new partnership will allow both institutions, as respective leaders in their field, to cooperate for the betterment of our respective communities and the entire United Arab Emirates.

This includes innovative student financing options, unique to CUD, and special educational offers for ADIB employees. We are very excited by this historic agreement, and look forward to sharing the benefits with our community.”

Waheeb Khazraji, Head of HR at ADIB, said: “This agreement comes in line with our commitment to support education in the UAE and make it accessible to all, as it is considered an essential element in supporting the economic growth of the country. It also reflects our efforts to provide more flexible financial solutions to students, in order to help them in covering their higher education expenses.

Under this agreement, ADIB staff will be able to attend UAE’s first post-graduate program in Islamic Banking, and this comes as part of our commitment to develop our UAE national workforce to improve the Islamic banking sector and contribute to the development process in our beloved country.”

The initiative is part of a wider plan by CUD to encourage Emiratis and expatriates to further their education. In recent weeks, a series of Open Days has been held to showcase the university and the significant new initiatives it has launched to allow all students to achieve their educational goals. CUD works hard to accommodate the goals of both its part-time and full-time students and offers Master and Bachelor courses on evenings and weekends in addition to the standard daytime courses. The result is that students are able to study in an active and vibrant campus seven days per week.

Dr. Karim Chelli, President of CUD, added : “This partnership with ADIB is going to benefit CUD students and ADIB employees in many different ways. A critical component of the partnership for us is the introduction of a more flexible and innovative student loan program to complement our existing scholarship and bursary programs. Offering a full array of options for education finance is critical to CUD so that our students can fully focus their energies on their studies and excel in their future careers.

We have a great scholarship program for the meritorious students, and a bursary program for students in need. However, the missing piece for us was a comprehensive financial support program for students that included affordable student loan arrangements, and now we have that thanks to our partnership with ADIB.”

In attendance at the ceremony was HH Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, who is an MBA student at CUD.


Abu Dhabi Islamic Bank signs MoU with Higher Colleges of Technology to create region's first Institute for Islamic Economics and Ethics

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.

Abu Dhabi Islamic Bank signs MoU

Abu Dhabi Islamic Bank signs MoU

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 – Awards

– ADIB was named ‘The Best Islamic Bank’ in the Middle East at the Banker Middle East Industry Awards 2010, reaffirming its leadership position in the growing Islamic finance sector.

– ADIB also won the HRD award from the Emirates Institute Of Banking & Financial Studies.

– ADIB’s GHINA saving program won the Best Savings Account award at the Banker Middle East Product Awards 2010.

– ADIB won the ‘Best Private Sector Customer Service Team’ award at the 2010 UAE Customer Service Week forum, held by The International Customer Service Institute UK.

About Higher Colleges of Technology (HCT)

Founded in 1988 the Higher Colleges of Technology has grown to be the largest of the higher educational institutions in the UAE, gaining a well-respected reputation for innovative learning. More than 18,000 students attend 17 modern men’s and women’s campuses throughout the UAE.

HCT offers more than 90 different, English-taught programs in six core fields which are all relevant to the UAE’s fast growing and evolving economic sectors. The programs are designed in consultation with business and industry leaders to ensure that the students’ skills are job-relevant and to high standards.

All students learn in a technologically sophisticated educational environment that encourages development of the independent and life- long learning skills necessary to success in a fast changing world. HCT has awarded over 48,000 academic credentials to its graduates.

HCT focuses on meeting the needs of the local economy and community while at the same time meeting international benchmarks and accreditation standards. To do this it has established active links and collaborations with major companies and entities in the UAE and with many of the world’s leading universities and organizations.


ADIB Opens 60th Branch in Jumeirah

Abu Dhabi, 17 October 2010: Tirad Mahmoud, CEO of Abu Dhabi Islamic BankAbu Dhabi Islamic Bank , a top-tier Islamic financial services group, has announced the opening of ADIB ‘s new branch in Jumeirah. ADIB ‘s branch network now has 60 branches across the UAE of which 10 are in Dubai. The opening of this new branch is part of ADIB ‘s expansion plan initiated last year that aims to enhance physical presence for its services in the UAE.

The new branch is strategically located in Umm Suqeim to provide easy access for ADIB ‘s growing customer base in the surrounding areas. Like ADIB ‘s other branches, the Jumeirah branch will remain open from 8 am to 2 pm to offer customers its portfolio of Shari’a compliant products and services.

“Our branch rollout is progressing as planned to reach our objectives of having 70 branches in the future. A major part of our expansion plan entails strengthening our presence in Dubai and Northern Emirates as we aim to be closer to our current and potential clients. Since the beginning of this year, ADIB has launched four branches in Dubai and we will continue expanding in the Emirate to reach a maximum number of customers,” said Sameh Al-Awadallah, Head of Branches of ADIB .

The Jumeirah branch will be managed by Yaqoob Yousuf Ahli. He and his team of talented UAE nationals are distinguished by their training and deep knowledge of ADIB ‘s culture in Islamic banking services.