Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced the launch of ADIB Community Banking to address the banking requirements of non-profit organisations as well as government and private companies focused on serving the UAE community.
As part of this pioneering business that furthers its social responsibility initiatives, the bank will provide customized banking services to community-oriented non-profit entities.
The target market for ADIB Community Banking includes Charities and Philanthropy Associations that provide poverty relief, advancement of education and health; Special Needs Foundations and Centers that care for the handicapped and persons suffering from conditions such as Autism; and Social Development and Welfare Organizations that provide social welfare, voluntary services, combat harmful practices and support human rights.
ADIB Community Banking will also provide financial solutions to Islamic affairs authorities, education and research institutions, healthcare authorities, cultural, arts and heritage authorities, environment and animal welfare authorities, sports associations and general and professional associations of public interest.
Explaining the rationale behind this new business line, Trad Al-Mahmoud, CEO of ADIB Group said: “ADIB Community Banking is a unique and specialized customer segment that complements our mission and shared values in serving the communities in which we operate. Its primary objective is to support non-profit organisations by helping to re-deploy their income more effectively. As a bank, we are providing clear opportunities to these organisations by cross-selling our products and services but what we are primarily looking to do is to create new products for them.”
ADIB Community Banking was conceived in cooperation with a number of the bank’s existing community-oriented clients in Abu Dhabi.
Products and services that are offered include Current and Savings Accounts, Cash Management, Transaction Banking and a wide range of other Shari’a-compliant products & services.
ADIB Community Banking will be led by Abdul Rahman Abdulla, Head of Strategic Clients Group at ADIB. He has three decades of experience in the banking industry and played a key role in establishing the ADIB Private Banking Group.
Abdul Rahman is responsible for all of the bank’s strategic client relationships and is Vice Chairman of ADIB Securities, the group’s brokerage.
In addition to the products and services range that ADIB will initially offer, the strategy within ADIB Community Banking includes introducing investment products, such as Sukuk, and advanced services such as cash management solutions, endowment management options and business planning and advisory services.
ADIB will also play an important role in sponsorships and partnership opportunities as its relationships grow and will aim to build a considerable market share in the community banking sector.
Ameinfo
