Abu Dhabi Islamic Bank, the second-largest Islamic lender in the United Arab Emirates (UAE), opened its first branch in London’s swanky Knightsbridge on Wednesday, targeting wealthy Gulf clients in Britain.
Trad Al Mahmoud, chief executive of ADIB Group, said the bank was hoping to attract clients from the UAE who use London as their base for business and personal transactions and who desire Islamic finance services, based on principles such as a ban on interest and pure monetary speculation.
“This launch signifies the merging of our Islamic financial values with the advanced financial infrastructure and ecosystem of the UK,” said Mahmoud.
Although there are now 22 banks in Britain licensed to conduct Islamic finance transactions, ADIB is the first UAE-based financial institution to receive a banking operation license from the UK Financial Services Authority (FSA), Reuters reported.
