Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) partnered with Abu Dhabi Investment Office (ADIO) through a memorandum of understanding (MoU) to provide local enterprises and investors with the support they need in their financing and banking activities.

Upon the agreement, the UAE bank will offer its support in different ways like facilitating the opening of Sharia-compliant bank accounts for companies coming as investors through ADIO or government initiatives, according to a press release.

ADIB will also provide financing options to assist the targeted entities; this includes financing opportunities based on Standby Letters of Credit (SBLC) and bank guarantees. This is in addition to offering financing options based on guarantees in the form of on ground operating assets like real estate, equipment, and machinery.

As a result of this MoU, the entities will have access to funding in line with the guidelines issued by the Central Bank of the UAE (CBUAE).

ADIB’s Acting Global Head of Wholesale Banking, Mohammed Ali Al Fahim, said: “This strategic partnership empowers us to provide a comprehensive suite of financial solutions specially tailored to their unique needs.”

Al Fahim elaborated: “By leveraging ADIB's expertise in Islamic banking alongside ADIO's commitment to fostering investments in Abu Dhabi, our aim is to facilitate the growth and success of the Abu Dhabi economic landscape.”

The collaboration between the two entities aims to endorse the existing support system for domestic enterprises and investors, in addition to fostering economic growth, entrepreneurship, and attracting foreign investments in Abu Dhabi.

Meanwhile, Abdulla Abdul Aziz AlShamsi, Director General of ADIO, added: “The ability to quickly open bank accounts and access finance is an important factor for investors looking to establish overseas operations. Recent years have seen a series of initiatives across Abu Dhabi that made it simpler for companies to set up in the emirate.”

The UAE lender recently partnered with Egypt’s first and only Islamic fintech Agel to launch a merchant co-branded banking card solutions.

During the first quarter (Q1) of 2023, ADIB generated net profits after Zakat and tax amounting to AED 1.10 billion.