Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution has received the e-Marketplace Champion Award for its excellence in digital adoption from blockchain-powered e-Marketplace TradeAssets. Last year, ADIB became the first Islamic bank to successfully execute trade finance distribution transactions using Blockchain technology in partnership with TradeAssets, a trade finance e-marketplace.

ADIB has been constantly embracing new and emerging technologies, with the strategic partnership signed last year with TradeAssets further strengthening the efficiency and productivity of businesses. With TradeAssets platform, ADIB has secured 130 deals with total value of over USD128 million till date and 11 banks from Bangladesh.

Commenting on the recognition, Abdulla Shehhi – Global Head International Business Group (IBG), at ADIB, said: “ADIB is at the cutting-edge of global transaction banking offering end-to-end Sharia’a-compliant trade financing through digital channels. Through the successful implementation of TradeAssets, ADIB has demonstrated to the world its commitment to efficiency, productivity, innovation and leading the way business should be done in a digital world.”

Sumit K Roy, Co-founder and Chief Marketing Officer of Fintech Innovations International DMCC, TradeAssets, said: “This award and certificate of excellence are presented to a member bank in recognition of its commitment to the adoption of digital processes that support global access and efficiency. ADIB, through its active usage of our e-marketplace for the last three years, has demonstrated that the banks with progressive and futuristic thinking can change the entire industry for the better.”

This e-marketplace complements ADIB’s diversified digital cash, trade, and foreign exchange offerings, available to businesses through its flagship ADIB Direct platform. Aimed at businesses of all sizes, ADIB Direct improves companies’ ability to manage their finances locally and internationally. The key features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.

ADIB has received numerous awards for its digital cash management and trade finance offerings in recent months including ‘Best Islamic Financier’ at the International Trade Finance Awards 2019, ‘Best Islamic Trade Finance Provider’ and ‘Best Online Cash Management in the Middle East’ and ‘Best Islamic Digital Bank’ by Global Finance. The bank was also named ‘World’s Best Islamic Bank’ by the FT’s The Banker Magazine, ‘Best Premium Banking Service in the UAE’ from Banker Middle East, and ‘Best Islamic Bank’ at the EMEA Banking Awards.

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About ADIB

ADIB is a leading Islamic bank with more than AED 147 billion in assets that was established in 1997 with its shares traded on the Abu Dhabi Securities Exchange (ADX). Over 1 million customers benefit from its large distribution network of 62 branches and more than 379 ATMs. 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. ADIB remains one of the leading banks in the recruitment, development, and promotion of local talent. The bank has one of the highest Emiratisation ratios with more than 40 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, Iraq, and Qatar. Named “Best Islamic Bank globally” by The Financial Times’ The Banker publication and Best Bank in the UAE by Forbes, ADIB has a rich track record of innovation, including introducing the world’s first digital Islamic bank for youth and being the first bank in the UAE to enable account opening through facial recognition.

About TradeAssets:

TradeAssets is the first blockchain-powered trade finance e-marketplace of its kind for Banks. Founded in the UAE by senior banking professionals, TradeAssets is creating a global ecosystem of financial institutions trading in secondary and primary trade finance assets while securely connected 24/7.  With a growing clientele of 100 bank members in 30 countries, this e-marketplace has seen USD 2.5 billion in posted volumes and is extending its cover across all continents around the world. It has a deep coverage in the Middle East and the e-marketplace activity is increasing with the support of market-leading and progressive banks such as ADIB.

For media information, please visit www.adib.ae or contact:
ADIB                                                            Edelman 
Lamia Khaled Hariz                                     Simon Hailes 
Head of Public Affairs                                  Director of Financial Communications