Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has signed an agreement with WCP Investments (WCPI), a joint venture between NBK Capital (NBKC), the investment arm of the National Bank of Kuwait and Wafra Capital Partners (WCP), a New York based investment manager. The agreement gives ADIB exclusivity to market WCPI’s Sharia’a-compliant Islamic Leasing and Finance Opportunities Fund I (USD) “the Fund” to ADIB customers. The agreement makes ADIB the first bank to distribute the Islamic Leasing and Finance Program “ILF Program” in the UAE.

Launched over 18 years ago, the ILF Program is a private credit strategy that aims to generate attractive risk adjusted monthly profit distributions to investors, principally by investing in a portfolio of non-bank speciality finance, leasing and rental transactions across a variety of sectors, credit profiles and assets.

Mohammed Azab, Head of Private Banking at ADIB, said: “A core focus for ADIB is to maximise risk adjusted returns to our clients and provide access to new exciting investment opportunities, both locally and internationally. This agreement, through WCPI, will allow ADIB’s customers to diversify their investment portfolio and invest in a Sharia’a-compliant manner with a team that possesses significant experience investing in private credit. This provides a compelling and exclusive offer for our clients in the UAE.”

Faisal Al-Hamad, CEO at NBK Capital, added: “The Islamic Leasing and Finance Program is one of NBK Capital’s flagship strategies, having raised in excess of USD7.5 billion since Program inception. We believe the ILF Program capitalizes on a unique investment structure and process that focuses on partnership approach, interest alignment and risk mitigation. We are excited to partner with ADIB through WCPI and to offer UAE investors the opportunity to invest in the ILF Program for the first time. ”

As one of the UAE’s leading banks, ADIB has a strong track record developing and delivering best-in-class solutions tailored to meet the financial needs of clients through effective financial planning and asset allocation. The bank frequently launches 100% capital protected equities basket notes, providing clients with access to high-growth companies around the world.

NBK Capital is one of the leading investment management firms in the region focusing on four primary lines of business: asset management, alternative investments, brokerage and investment banking. The firm operates regionally out of Kuwait, Dubai, Istanbul and Cairo. With over 175 investment professionals, NBKC’s approximate assets under management are USD7 billion.

About ADIB

ADIB is a leading bank in the UAE with more than AED 125 billion in assets. Its 1,044,000 customers benefit from the third largest distribution network in the UAE with 80 branches and more than 680 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

In the UAE, the Bank has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratization ratios with approx. 36 percent of the bank’s workforce being UAE Nationals.

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.

Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.

About NBK Capital

NBK Capital, a leading investment company in the region, sets the standard in growth-focused innovative financial products and services. A world-class investment house, NBK Capital’s customer-centric approach provides forward-thinking solutions that address the specific investment needs of clients and investors, institutional customers and high-net-worth individuals.

NBK Capital leverages local and regional experience and expertise by combining the strengths, resources and global network of the National Bank of Kuwait SAKP, one of the largest and oldest financial institutions in the region, with best-in-class investment structuring and execution, on a broad array of financial strategies to consistently deliver integrated value-added solutions. Innovative products, objective research, creative thinking, timely implementation and excellence in service are the standards of quality of NBK Capital.

Operating regionally from Kuwait, Dubai, Istanbul and Cairo, and with over 175 investment professionals, NBK Capital prides itself on a reach and scale that is global, a presence that is regional and a service level that always remains personal.

About WCP

WCP, a New York-based investment management firm, manages or advises funds and accounts (principally on a Sharia’a-compliant basis) that specialize in asset-based finance and real estate investments. WCP is an affiliate of Wafra Inc. (“WAFRA”). Founded in 1985, WAFRA is beneficially owned by the Public Institution for Social Security of Kuwait, an autonomous agency controlled by the State of Kuwait. WCP’s senior leadership is comprised of the former employees in WAFRA’s Structured Finance and Business & Product Development divisions. WCP has significant experience with structured finance, venture debt, equipment leasing and finance, transportation finance, real estate debt, and other specialty finance transactions, and its team has been operating in these arenas since 1999.

© Press Release 2019

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