Abu Dhabi 2011 Report unveiled by ADIB and Oxford Business Group

Abu Dhabi, 22nd January 2012 - Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, highlighted the important role played by the Islamic banking sector in promoting economic and financial growth in the UAE. This was revealed in Abu Dhabi 2011 Report unveiled by Oxford Business Group in collaboration with ADIB.

The report revealed that the UAE Islamic financial services sector represented 30% of the global Islamic banking industry in 2011 and due to the growing demand for Islamic financial services among different customer segments within the UAE. The report showed that Islamic banks have played a major role in financing UAE infrastructure projects, residential properties for UAE nationals and development of the human capital market through training of national talent.

Commenting on the report, Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, said, "UAE Islamic banks play an important role in the development of the global Islamic banking industry which is now valued at more than US$ 1 trillion. This growth in the Islamic banking industry is driven by the increased demand for Islamic services and products by a growing number of customers. Demand is growing due the industry's emphasis on ethical principles, its commitment to the principles of transparency and the application of the principle of mutual benefit in its operations and transactions."

Tirad Mahmoud highlighted the effective role of Shari'a committees, which are independent from bank managements, in regulating and controlling banking operations. They ensure compliance with Shari'a principles and enforce the principles of transparency and mutual benefit in all banking transactions. He also praised the support that Islamic banks receive from the UAE Central Bank which helps develop the sector and has led it to achieve a global recognition.

Islamic banking assets in MENA rose to US$ 416 billion in 2010. This represented a cumulative annual growth rate of 20% over five years, compared with less than 9% for conventional banks.

"Although there are similarities in the nature of work of Islamic and conventional banks, there is a vast difference in their financial mechanisms and transactions. In Islamic banking for example, the rates of Murabaha are fixed and known to the client from the moment the contract is signed. Islamic Banks cannot increase that rate even in the event that the client is unable to meet monthly payments on time," added Tirad Mahmoud.

The Abu Dhabi 2011 Report aims to provide a snapshot of the Islamic banking sector in the UAE, specifically in the Emirate of Abu Dhabi. It is an increasingly important reference for the industry and contains a wide range of interviews with leaders of the Islamic banking sector.

-Ends-

About ADIB:
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.

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 Overall Bank in the UAE in customer service" for 2011 by Ethos Consultancy

  • ADIB won the" Best Branch Award in the UAE" for 2011 by Ethos Consultancy

  • ADIB was named the "Best Islamic Bank in the UAE" for 2011  by Global Finance Magazine

  • ADIB was named Best Islamic Bank by Business Banking and Finance Magazine

  • ADIB won Best Corporate Bank by Business Banking and Finance Magazine

  • ADIB was named "The Best Islamic Bank" in the Middle East region for the second year running at the Banker Middle East Industry Awards 2011.

  • ADIB was nominated as "Fastest Growing Bank in the UAE" by the awards jury at the Banker Middle East Industry Awards 2011.

  • ADIB was named "The Best Islamic Bank in the region" in the Middle East at the Banker Middle East Industry Awards 2010

  • ADIB won the "Best Islamic Bank in the region" at the 2010 Islamic Banking and Finance Awards organized by CPI Financial.

  • ADIB was named "Best Islamic Bank in the UAE" at the Islamic Finance News Awards 2010.

  • ADIB won the best Islamic bank in the UAE by EMEA Finance.

  • ADIB won the "Best UAE Deal" award at the Islamic Finance News Awards 2010.

  • 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.

  • ADIB won the "Most Improved Bank" in service excellence and got the top rank in "Call Centre Performance" in the 6th Annual Bank Benchmarking Index for service excellence by Ethos Consultancy.

  • ADIB also won the award for "Best Branding Category" at the 2010 Islamic Banking and Finance Awards organized by CPI Financial.

  • ADIB won the "Best SME Card" at the 4th Annual Banker Middle East Product Awards 2011.

  • ADIB won the "Best Ladies Banking Service" at the 4th Annual Banker Middle East Product Awards 2011.

    For media information, please visit www.adib.ae or contact:
    Lamia Hariz                                                                          
    Corporate Communications & Public Relations             
    Abu Dhabi Islamic Bank                                                      
    Mobile: +971 50 682 4207                                                               
    Email: lamia.hariz@adib.ae                                               

    Wasim Ben Khadra
    Manager
    Corporate Communications & Public Relations
    Abu Dhabi Islamic Bank
    Mobile: +971 50 612 8616
    Email: WasimBenkhadra@adib.ae

    Mohammad Z. Al-Qassem
    Associate Account Manager
    Corporate & Finance Practice
    Weber Shandwick | MENA
    Mobile: +971 50 288 9601
    Email: mohammad.alqassem@ws-mena.com

    • © Press Release 2012