ADIB follows up recent acquisition of the National Bank of Development in Egypt by applying for banking license in Algeria
Abu Dhabi Islamic Bank, one of the region’s first Islamic banks, has shared its new strategy with its customers and key business partners, which includes the expansion of ADIB’s customer offerings and strengthening its local and international market presence in line with its vision to become a top tier global Islamic financial services group. After being initially revealed at annual customer reception in Abu Dhabi in April, this announcement was made at a regional customer event held in Jumeriah Beach Hotel, Dubai which was attended by top ADIB’s senior executives.
His Excellency Khamis Buharoon, Managing Director of ADIB said: “ADIB is well on the course with its international expansion plan following recent acquisition of the National Bank of Development in Egypt and with recently applying for a banking license in Algeria.&rdquo
Commenting on recent quarterly financial results which saw the bank’s net profit rise by 47% year-on-year, Mr. Buharoon added: "ADIB’s strong financial results confirm the viability of our growth strategy and the strength of our core customer businesses. Going into the second and third quarter of 2008 we expect to continue with the strong performance momentum across the Group.
Mr. Tirad Mahmoud, ADIB’s recently-appointed CEO, said: “ ADIB is expanding its range of innovative solutions that are designed with the customer in mind. ADIB has an enviable track record in developing Islamic financial solutions and we will continue to leverage our strong innovation culture to the benefit of our customers and the Islamic finance industry as a whole.
ADIB focuses on developing inclusive offering that will appeal to broad customer population. He added: "Clients come as our top priority and source of inspiration; we aim to deliver unique customer solutions firmly rooted in Islamic banking principles of transparency and partnership while remaining fully committed to compliance with Islamic Shari ‘a."
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