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AIDB studies external expansion in 2017 - CEO

AIDB studies external expansion in 2017 - CEO
ADIB has headquarters in UAE, Egypt, Saudi Arabia, the Sudan, Iraq and Qatar- (Photo Credit: Arabianeye-Reuters)
ADIB
ADIB
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By: Amr Adel

Dubai – Mubasher: Abu Dhabi Islamic Bank (ADIB) is studying a number of opportunities for expansion starting from 2017, Tirad Al-Mahmoud, the bank’s CEO, said.

Al Mahmoud added that the bank intends to expand in the Arab markets, in which it does not exist, adding that there is no intension to accomplish any plans in 2016.

ADIB has headquarters in UAE, Egypt, Saudi Arabia, the Sudan, Iraq and Qatar.

The CEO pinpointed that the banks does not intend to offer any Sukuk during the coming period, adding that there is enough liquidity and no need for new Sukuk.

The bank is working on restructuring operations to offer Shariah compliant Sukuk for the institutions and companies, ADIB CEO added.

Al Mahmoud expected that the bank would achieve profits in the second half of 2016 similar to what were posted in the first half of the year.