Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office (ADIO) to provide support for domestic enterprises and investors in their financing and banking activities.
In this collaboration, ADIB will offer its support in various areas such as facilitating the opening of Shariah-compliant bank accounts for companies coming as investors through ADIO or government initiatives. This strategic step provides businesses with a banking solution that adheres to Islamic principles.
Additionally, ADIB will provide financing options to assist these entities. This includes financing opportunities based on Standby Letters of Credit (SBLC) and bank guarantees. This approach enables access to funding in line with the guidelines set by the Central Bank of the UAE. ADIB will also offer financing options based on collateral in the form of on ground operating assets such as real estate, equipment, and machinery.
Commenting on the partnership, Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking, said: “We are pleased to work with ADIO to further enhance and streamline support for new enterprises and investors. This strategic partnership empowers us to provide a comprehensive suite of financial solutions specially tailored to their unique needs. By leveraging ADIB’s expertise in Islamic banking alongside ADIO’s commitment to fostering investments in Abu Dhabi, our aim is to facilitate the growth and success of the Abu Dhabi economic landscape.”
Eng. Abdulla Abdul Aziz AlShamsi, Director General of ADIO, added: “The ability to quickly open bank accounts and access finance is an important factor for investors looking to establish overseas operations. Recent years have seen a series of initiatives across Abu Dhabi that made it simpler for companies to set up in the emirate. ADIO welcomes ADIB’s latest contribution to ensuring Abu Dhabi remains one of the easiest places in the world to do business.”
This collaboration aims to strengthen the existing support system for domestic enterprises and investors, fostering economic growth, entrepreneurship, and attract foreign investments in Abu Dhabi.
ADIB is a leading bank in the UAE with more than AED 172 billion in assets. 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).
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Qatar 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 Emirates airlines, Etihad and Etisalat and a wide range of financing products.
About the Abu Dhabi Investment Office
The Abu Dhabi Investment Office (ADIO) is the government entity responsible for attracting and facilitating investment in the Emirate of Abu Dhabi. ADIO enables growth opportunities for innovative investors and businesses of all sizes by facilitating connections across Abu Dhabi’s innovation ecosystem and fostering collaboration between the public and private sectors. With a comprehensive range of tailored services, incentives and partnership programmes, ADIO helps businesses achieve long-term, sustainable success in the market and across the region.