UAE’s ADIB Launches Islamic Bank In UK

ABU Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced Saturday 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 Sheikh Khalid Bin Zayed Al Nahyan & Prince Andrew, The Duke of York, in the presence of Abdulrahman Al Mutaiwee, UAE’s ambassador to the UK and other dignitaries, a number of ADIB customers from the UAE as well as Trad Al Mahmoud, CEO of ADIB Group 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.

Al Mahmoud said: 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 $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 $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 Sharia-inspired financial services that are simple and sensible, transparent and work for mutual benefit remains its key differentiator as it expands globally.

ADIB London at One Hyde Park will open its doors to customers between 09:00 a.m. till 08:00 p.m., Monday to Friday, The Saudi Gazette reported.