The Banker FT Names ADIB Best Islamic Bank in the UAE

05/07/2015 04:06 AST

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, has been named "Best Islamic Bank of the Year Award" for the UAE in 2015 by The Banker Magazine - a Financial Times publication. ADIB was commended for its excellent growth figures and commitment to innovation and was noted as an influential player in the Islamic finance market, across the region and internationally.

The Banker Islamic Finance awards took into account the level of innovation achieved by nominated banks, as well as growth above and beyond the performance of the industry as a whole. They recognized the contribution made by banks that are pushing forward the frontiers of Shari'a compliant finance around the world.

Judges for the award were particularly impressed by ADIB's role in a number of major deals in 2014. ADIB served as co-manager for the government of Hong Kong's sovereign sukuk transaction, the joint lead manager for Goldman Sachs' $500m sukuk, and joint lead manager for Al Hilal's Tier 1 perpetual sukuk. It accomplished all of this while maintaining remarkable growth throughout the year, with net profits surging to $476m, a growth of over 20%, with total assets reaching $30bn.

ADIB's mobile banking app, launched in 2014, was also noted as a particular milestone, as was the bank's impressive acquisition of Barclay's UAE retail banking operations, which resulted in bringing 110,000 new retail customers to ADIB. This acquisition has brought a wealth of banking options to its new expatriate customers, with the help of ADIB's network of 88 branches and over 700 ATM's.

Tirad Al-Mahmoud, CEO of ADIB commented, "This prestigious award gives an excellent indicator of our progress and success over the past year as we continue to build on our strong track record for providing innovative and banking solutions for companies and individuals across our regions of operation. We have worked hard to enhance our international profile and play our part in the development and growth of the Islamic banking industry."

ADIB is an award winning bank and In the last few months, ADIB has won the "Best Islamic Bank in the UAE" award from EMEA Finance Magazine for the fifth year in a row, the "Employer of the Year" award from the Higher Colleges of Technology - Dubai Women's College, the "Mohammed bin Rashid Al Maktoum Business Award" for the second year in a row, and the "Leading Arab Islamic Bank for 2015" award from the Union of Arab Banks.

Press Release