ADIB signs MoU with Abu Dhabi Investment Office to support domestic enterprises and investors
- Date: 18-Jun-2023
- Source: Zawya
- Sector:Financial Markets
- Country:UAE
ADIB signs MoU with Abu Dhabi Investment Office to support domestic enterprises and investors
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