Abu Dhabi Islamic Bank raises foreign ownership to 40%

The announcement came after obtaining the necessary regulatory approvals from the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, as well as the bank's shareholders during the Annual General Meeting (AGM) held last March

  

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has announced raising the percentage of foreign ownership to 40%, from 25%, of its issued capital effective from today. The announcement came after obtaining the necessary regulatory approvals from the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, as well as the bank’s shareholders during the Annual General Meeting (AGM) held last March.

Commenting on this announcement, His Excellency Jawaan Awaidha Suhail Awaidha Al Khaili, Chairman of the ADIB, stated: “This move came in response to the heightened interest from international investors in ADIB’s share, as well as in line with our efforts and commitment to diversifying the bank’s investor base. This milestone will help strengthen the UAE and Abu Dhabi’s positions as one of the most attractive markets for foreign direct investment, through contributing to increasing cash inflows, which will benefit both shareholders and the wider stock market. This will also boost the attractiveness of ADIB’s shares, given the added value that the stock provides to investors.”

He added: "This decision will further enable the implementation of our strategy and investment in areas that will enhance our customers’ banking experience through investing in our leading digital banking capabilities and services. We have adopted a five-year strategic plan that aims to solidify ADIB’s leading position, improve the efficiency of its services, and develop its organizational system, allowing the bank to maintain business momentum, strengthen its performance and generate long-term sustainable value for its shareholders. ”

ADIB’s Issued and Subscribed Capital stands at AED 3,632,000,000, with an Authorized Capital of AED 4,000,000,000.

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About ADIB

ADIB is a leading Islamic bank with more than AED 122 billion in assets. Established in 1997, the bank provides world-class, Sharia’a-compliant retail, corporate, business, private banking and wealth management solutions through award-winning digital channels and across an extensive branch network. The bank has a presence in six strategic markets, including Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq. Its shares trade on the Abu Dhabi Stock Exchange (ADX).

ADIB has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent across all of its geographies. The bank has one of the highest Emiratization ratios and approximately 36 percent of the bank’s workforce are UAE nationals.

Named ‘World’s Best Islamic Bank’ by the Financial Times’ The Banker publication, ADIB has a rich track record of innovation based on a desire to always improve its customers’ banking experience. Amongst other benefits, the bank’s recent digital transformation programme has led to the creation of a new generation of technology-enhanced branch, ADIB Express, which combines the benefits of digital banking with a highly-personalised customer service, and Express Finance, providing qualifying customers with access to personal finance through a mobile app in less than 30 minutes.

For media information, please visit www.adib.ae or contact:
ADIB
Radwa Shehab                                                  
Head of External Communications                                            
Direct: +971 2 6910169

Brunswick Group
Sarah Abdelbary
Account Director
Direct: +971 2 234 4600

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