|21 July, 2019

ADIB, Al Baraka Banking Group sign MoU to expand network

ADIB’s existing customers will benefit from the partnership, allowing them to manage accounts and make remote fund transfers to multiple markets using the digital platform, 'ADIB Direct'.

Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank. Image for illustrative purposes.

Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank. Image for illustrative purposes.

ADIB/Handout via Thomson Reuters Zawya

ABU DHABI- Abu Dhabi Islamic Bank, ADIB, and Al Baraka Banking Group - a Bahrain-headquartered Islamic multinational banking group - today announced the signing of a Memorandum of Understanding, MoU, to expand transactional networks.

The correspondent banking arrangement provides clients with greater flexibility and access to a wider network, in order to conduct seamless cross-border fund transactions.

The MoU was signed by Mazin Manna, CEO of ADIB, and Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group. The strategic alliance will enable ADIB to leverage Al Baraka’s geographic network spanning 17 countries. ADIB’s existing customers will benefit from the partnership, allowing them to manage accounts and make remote fund transfers to multiple markets using the digital platform, 'ADIB Direct'. Commenting on the partnership, Manna said, "Partnering with Al Baraka is closely aligned to our overall strategy of bringing value-add services to customers which can enhance their banking experience. Increasing the efficiency of our correspondent banking offering with technology while expanding our geographic network can bring major benefits to clients.

Our business expansion strategy continues to show promise, and this agreement will enable us to support our customers who are looking for a single, ubiquitous channel to meet their cash management needs across different geographies." Yousif, in turn, noted, "We are pleased to forge an alliance with ADIB through a partnership that represents a cornerstone for further collaboration.

We now have an opportunity to navigate synergies and explore new corridors for growth using digital solutions." "Al Baraka is a leading provider of Sharia compliant products globally and this agreement with Abu Dhabi Islamic Bank would now set the platform for customer referrals between the ABG Group and ADIB, capitalising on our large geographic presence and wide client base. This approach is in line with ABG’s thrust towards greater customer centricity," he added.

© Copyright Emirates News Agency (WAM) 2019.

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