ADIB, Al Baraka Banking ink MoU for network expansion

Abu Dhabi - Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, and the Bahrain-based Islamic multinational banking group Al Baraka Banking Group on Sunday announced the signing of a memorandum of understanding (MoU).

Upon the MoU, the strategic alliance will offer their clients access to a wider and more flexible network with the aim to facilitate cross-border fund transactions, according to a press release.

The agreement was signed by CEO of ADIB Mazin Manna and president and CEO of Al Baraka Banking Group Adnan Ahmed Yousif at ADIB’s headquarters with the presence of senior management from both sides.

The strategic partnership will allow ADIB to extend Al Baraka’s wide geographic presence spanning 17 countries, the release noted.

Moreover, ADIB’s existing customers will be able to manage accounts and conduct remote fund transfers to multiple markets via ADIB Direct, a single digital platform that offers innovative financial solutions in areas of account management, electronic payments, trade finance, and global transactions.

Mazin 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. We look forward to strengthening our partnership with Al Baraka over the coming years,” Manna added.

In turn, Adnan Ahmed Yousif commented: “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.”

It is worth noting ADIB is operational in six strategic markets, namely Egypt, Saudi Arabia, the UK, Sudan, and Iraq.

Meanwhile, Al Baraka Banking Group operates in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco, and Germany, with two branches in Iraq and two representative offices in Indonesia and Libya.