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NBAD Inaugurates Abu Dhabi National Islamic Finance (ADNIF)

H.E. Nasser Ahmed Khalifa AlSowaidi, Chairman of National Bank of Abu Dhabi (NBAD) , Board Members, Senior Management of the Bank, and a number of dignitaries and VIPs TODAY attended the inauguration of Abu Dhabi National Islamic Finance (ADNIF), the Islamic finance and banking arm of NBAD .

"We are pleased to launch Abu Dhabi National Islamic Finance (ADNIF) officially today, delivering NBAD 's commitment to provide a wide range of banking solutions and products to meet the ever expanding demands of our customers" said Mr. Aref Al Khouri, General Manager of Abu Dhabi National Islamic Finance (ADNIF).

Islamic Banking and financial services are provided through the Islamic Banking division of NBAD and Abu Dhabi National Islamic Finance (ADNIF) complementing each other under brand ADNIF. "ADNIF's business offers total solutions with real-time value for customers, dedicated ladies section, reduced paper work and easy procedures as the key elements for differentiation. In a market place with too many competitors, big promises and complex products, we would be a little different by offering a basket of products & services with less hassle and more value, thereby strengthening and fulfilling the ADNIF Brand-promise - "Pure and Simple", explained the General Manager of ADNIF

"Pursuing this approach has put ADNIF in a better position as evidenced by our financial results during the first year of operations where ADNIF earned AED 24 million in 2008, compared with the start up expense of AED 10 million in 2007" Al Khouri confirmed.

"ADNIF offers unrestricted investment pools, Sukuk structuring, Asset management services, in addition to Murabaha, Mudaraba & Istisna based finances. Shari'a compliant consumer finance facilities, Trade Finance, Wakala deposits, Reverse Murabaha, Investment deposits, current & savings accounts with ATM-Debit & Credit card facilities add up to our product line. As part of our channel strategy, towards the end of last year the setup of our first dedicated branch on par with the international standards, will enable our professional and dedicated staff to provide highest standards of service to our valued target customers" he added.

"We expect to see fast relative growth in the Islamic banking market where ADNIF is well-equipped to take advantage of this growing trend by opening new branches in the UAE & expanding the network-depth to broaden our customer base" he said.

"Being a part of NBAD Group gives us a winning edge over competitors; NBAD is currently operating across eleven countries on four continents 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 UAE, as well as internet banking and a 24-hour Call Centre. In addition, NBAD 's overseas network stretches from Oman, Kuwait and Bahrain in the G.C.C. to Egypt, Libya and Sudan in Africa, to London, Paris, and Geneva in Europe, & Washington D.C. in the U.S.A." General Manager of ADNIF concluded.

-Ends-

About NBAD
The National Bank of Abu Dhabi (NBAD) , The Number One Bank in the UAE, was incorporated in 1968. NBAD has a network of more than 85 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & traveler's cheques exchange services.

The branch network is widened further with more than 270 ATMs through which customers perform a variety of transactions.

Besides brick & mortar branches, NBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 24-hour Call Centre.

NBAD 's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt, Libya, and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.

The bank provides its customer with a wide variety of financial services targeted at all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.

NBAD is an award winning leader in the UAE and GCC financial services industry. Awards won by the bank include the Sheikh Khalifa Excellence Award, , the Mohamed Bin Rashid Al Maktoum Business Award 2007, the Middle East Excellence Award 2008Dubai Quality Award, 'Best Bank in UAE' from Euromoney and Banker publications, 'Human Resources Development Award' from the Emirates Institute for Banking & Financial Studies, the 'Middle East e-Banking Country Award', the 'Outstanding use of IT in Financial Services Award, and excellence award for 'Best use of Technology' from Banker Middle East.

For further enquires, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Mob: + 971508126799
Email: ehab.hassan@nbad.com
Web: www.nbad.com

© Press Release 2009