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Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Al Baraka Banking Group B.S.C. (Al Baraka), a Bahrain-headquartered Islamic multinational banking group, today announced that they have signed a memorandum of understanding for a correspondent banking arrangement that provides clients with greater flexibility and access to a wider network, in order to conduct seamless cross-border fund transactions.
The MoU was signed by Mazin Manna, CEO of ADIB, and Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, at ADIB’s HQ, in the attendance of senior management from both sides.
The strategic alliance will enable ADIB to leverage Al Baraka’s wide geographic presence spanning 17 countries. ADIB’s existing customers will immediately benefit from the partnership, allowing them to manage accounts and make remote fund transfers to multiple markets using a single digital platform, ADIB Direct.
Mazin Manna, Group CEO of ADIB, said: “Partnering with Al Baraka is closely aligned to our overall strategy of bringing value-add services to customers which can enhance their banking experience. Increasing the efficiency of our correspondent banking offering with technology while expanding our geographic network can bring major benefits to clients. Our business expansion strategy continues to show promise, and this agreement will enable us to support our customers who are looking for a single, ubiquitous channel to meet their cash management needs across different geographies. We look forward to strengthening our partnership with Al Baraka over the coming years.”
Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, remarked: “We are pleased to forge an alliance with ADIB through a partnership that represents a cornerstone for further collaboration. We now have an opportunity to navigate synergies and explore new corridors for growth using digital solutions.”
He added: “Al Baraka is a leading provider of Shari’a compliant products globally and this agreement with Abu Dhabi Islamic Bank would now set the platform for customer referrals between the ABG Group and ADIB, capitalizing on our large geographic presence and wide client base. This approach is in line with ABG’s thrust towards greater customer centricity.”
ADIB Direct is ADIB’s flagship digital platform that provides innovative financial solutions in areas of account management, electronic payments, trade finance, and global transactions. This forms part of ADIB’s far-reaching Digital Transformation Strategy which aims to modernise banking services and operations.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.
Al Baraka Banking Group is a Islamic wholesale bank based in Bahrain with presence in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.
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About ADIB
ADIB is a leading bank in the UAE with more than AED 124.6 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).
In the UAE, the Bank has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratization ratios with approx. 36 percent of the bank’s workforce being UAE Nationals.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan 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 Etihad and Etisalat and a wide range of financing products.
About Al Baraka Banking Group
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency and BB (long term) / B (short term) by Standard & Poor's.
ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.
For media information, please visit www.adib.ae or contact:
ADIB Brunswick Group
Radwa Shehab Sarah Abdelbary
Head of External Communications Account Director
Direct: +971 2 6910169 Direct: +971 2 234 4600
Mobile: +971504734482 Mobile: +971561748649
Al Baraka Banking Group - Communications Contact
Usha Ramesh
Vice President – Corporate Communications & Branding
Mobile: +973 39334019
Email: uramesh@albaraka.com
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