Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank (ADIB) is one of the strongest financial units operating on the UAE market. Having its main headquarters in Abu Dhabi, the Abu Dhabi Islamic Bank plans a national and international expansion which defies the economic crisis. The bank intends to carry out the same principles as those who guaranteed their success inside the UAE borders outside the Arabic region, while also increasing their number of unites inside the Emirates.
About Abu Dhabi Islamic Bank
The Abu Dhabi Islamic Bank (ADIB) was established in 1997 by an Amiri Decree. The bank was created as a Public Joint company on 20th of May 1997, but the actual commercial transactions started in November 1998. The formal inauguration took place on 18th of April 1999 and was performed in the presence of Abdullah bin Zayed Al Nahyan, UAE’s Minister of Information and Culture.The Abu Dhabi Islamic Bank functions according to the Islamic Sharia’s laws. Each financial transaction, particularly loans and financing operations, is closely followed so as to comply with bank’s policy.
Abu Dhabi Islamic Bank’s Services and Innovations
Abu Dhabi Islamic Bank (ADIB) has constantly developed its services so as to best serve the Islamic community. The services and financial products were created according to the local social patterns, in order to fulfill the needs of all Islamic people. The bank is the first financial unit which has enabled mobile access for its clients. Using the *161#, clients can check their account status and make a variety of transactions when a bank is not in the immediate neighborhood. This number is meant to simplify traditional banking and increase mobility. A service dedicated exclusively to women was launched by the bank with the scope of offering female customers the best assistance possible. Dana, the Women’s Service has been developed by female consultants and employees of the Abu Dhabi Islamic Bank and it involves special lounges in all Dana branches, tailored banking programs, lifestyle options and special offers separated from the already existent packages. A Gold membership is available for faithful clients. The ADIB Gold membership provides exclusive plans for savings and investment and dedicated financial solutions that will help clients make the most of their money.
Abu Dhabi Islamic Bank’s Principles
Abu Dhabi Islamic Bank functions in accordance with the Islamic Sharia’s principles. Therefore, the bank will not offer support or encourage businesses which deal with alcohol, gambling, usury, hoarding or other practices which are against the Islamic values. Abu Dhabi Islamic Bank does not offer interest to its clients, as Sharia’s laws are against this type of earning money. The bank functions as a partnership and sharing of risks financial institution. The people who deposit money are given a share of the bank’s profit (if there is profit) or participate in the loss, if no profit was made.
International Branches of Abu Dhabi Islamic Bank
The Abu Dhabi Islamic Bank (ADIB) does not have any international branches at the moment. However, according to Stuart Crocker, global head of private banking group at ADIB, new offices in London and Middle East are under construction. Furthermore, their expansion plans also include mainland Europe (Switzerland in particular) and the Far East.