Abu Dhabi Islamic Bank (ADIB) has signed an MoU with the Abu Dhabi Investment Office (ADIO) to provide financing and banking support for domestic enterprises and investors.
ADIB will offer its support in areas such as facilitating the opening of shariah-compliant bank accounts for companies coming as investors through ADIO or government initiatives, the bank said in a statement.
ADIB will provide financing options to assist these entities. This includes financing opportunities based on Standby Letters of Credit (SBLC) and bank guarantees.
It will also offer financing options based on collateral in the form of on ground operating assets such as real estate, equipment, and machinery.
ADIO was set up to enable growth opportunities for innovative investors and businesses in Abu Dhabi.
Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking, said: "By leveraging ADIB's expertise in Islamic banking alongside ADIO's commitment to fostering investments in Abu Dhabi, our aim is to facilitate the growth and success of the Abu Dhabi economic landscape.”
ADIB has more than AED 172 billion ($46.8 billion) in assets. The bank was established in 1997 and has presence in six markets: Egypt, where it has 70 branches, Saudi Arabia, UK, Sudan, Qatar and Iraq.
Last month, the Abu Dhabi Department of Economic Development (ADDED) signed an MoU with the ADIB to jointly offer bank account opening procedures for investors and business licence owners issued by the ADDED.
(Writing by Seban Scaria; editing by Daniel Luiz)