Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today the expansion of its global footprint by starting its operations in London at the prestigious One Hyde Park at Knightsbridge. It becomes the first UAE-based Islamic financial institution to receive a banking operations license from the UK Financial Services Authority and to offer full range of services to high net worth individuals.
ADIB London was inaugurated by HH Sheikh Khalid Bin Zayed Al Nahyan & HRH Prince Andrew, The Duke of York, in the presence of HE Abdulrahman Al Mutaiwee, the UAE’s Ambassador to the UK and other dignitaries, a number of ADIB customers from the UAE as well as Tirad Al Mahmoud, CEO of ADIB Group, Nevine Loutfy, Managing Director and CEO of NBD in cooperation with ADIB and a number of ADIB representatives. The Bank will serve its clients from the UAE whose interests are increasingly international and who often choose London as their base for business and personal transactions.
To provide a heightened customer experience and a relationship-driven service, ADIB London will offer an exclusive Priority Banking centre.
Speaking at ADIB London’s inauguration ceremony, Trad Al Mahmoud, CEO of ADIB Group said: “I thank HH Sheikh Khalid bin Zayed Al Nahyan and HRH Prince Andrew for inaugurating ADIB London at One Hyde Park. This launch signifies the merging of our Islamic financial values with the advanced financial infrastructure and ecosystem of the UK.
‘By licensing 22 Islamic banks, the UK has proven that it welcomes the growth of our industry here. We are happy to begin our UK operations and to serve our customers based in the UK and those visiting. Our goal of broadening our presence in the UK will be achieved when they truly understand that Islamic finance is another name for ethical banking.”
According to Ernst & Young, the UK accounts for US$19 billion of Islamic finance assets worldwide. The receptiveness of the advanced UK financial services sector to Islamic finance is evident from the fact that 37 Sukuk issues raising US$20 billion are currently listed on the London Stock Exchange.
Besides demonstrating the bank’s commitment to reach out to its customers wherever they are, ADIB London will contribute to the development of the Islamic finance Industry in the UK. Its focus on providing Shari’ah inspired financial services that are simple and sensible, transparent and work for mutual benefit remains its key differentiator as it expands globally.
