Abu Dhabi Islamic Bank, ADGM sign deal to offer Shariah-compliant services

Abu Dhabi Islamic Bank, ADGM sign deal to offer Shariah-compliant services

Published: Wed 16 Nov 2022, 5:19 PM

Abu Dhabi Islamic Bank (ADIB) has signed a memorandum of inderstanding (MoU) with Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, collaborating to support the growth needs of the financial community of Abu Dhabi.

The MoU entails ADIB providing ADGM registered and licenced entities and dedicated client managers Preferential Shariah-compliant banking services and facilitate knowledge sharing on latest banking and finance developments.

The MoU establishes a formal framework for cooperation and assistance between the bank and ADGM, and both parties will be focusing on strengthening collaboration in the areas of education and training, business development, co-hosting Digital Lab, creating awareness research pertaining to financial services, banking, and fintech-related initiatives.

Additionally, the MoU aims to increase collaboration between the two entities to initiate preferential banking services, such as fast and efficient bank account opening, for ADGM registered and licensed entities and dedicated client managers, among others.

Nasser Al Awadhi, group chief executive officer, ADIB, said this MoU is a strategic milestone in ADIB’s plan to contribute to economic and financial sector growth in the Emirate of Abu Dhabi and the UAE.

"In partnership with ADGM, we are committed to advancing the dynamic business environment and