Manama: Al Baraka Banking Group, B.S.C. (ABG), the leading Islamic Banking Multinational Group, and Abu Dhabi Islamic Bank (ADIB), a leading and the second largest Islamic bank in the UAE, signed a Memorandum of Understanding (MOU) aimed at collaborating the two organizations’ collective network to exchange customer referrals and strengthen processing customer payments and collections.
Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group, and Mr. Mazin Manna, Chief Executive Officer of Abu Dhabi Islamic Bank signed the MoU, in the presence of senior officials from both Al Baraka Banking Group and Abu Dhabi Islamic Bank at the ADIB Headquarters in Abu Dhabi, UAE.
The MoU will enable Al Baraka Banking Group and Abu Dhabi Islamic Bank to establish a partnership in order to provide their customers with access to wider markets and collaborate on cross selling in the area of payments and collections.
“We are pleased to forge an alliance with ADIB through a partnership that represents a cornerstone for further collaboration. We now have an opportunity to navigate synergies and explore new corridors for growth using digital solutions,” Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group, said.
“Al Baraka is a leading provider of Shari’a compliant products globally and this agreement with Abu Dhabi Islamic Bank would now set the platform for customer referrals between the ABG Group and ADIB, capitalizing on our large geographic presence and wide client base. This approach is in line with ABG’s thrust towards greater customer centricity.”
“Partnering with Al Baraka is closely aligned to our overall strategy of bringing value-add services to customers which can enhance their banking experience. Increasing the efficiency of our correspondent banking offering with technology while expanding our geographic network can bring major benefits to clients. Our business expansion strategy continues to show promise, and this agreement will enable us to support our customers who are looking for a single, ubiquitous channel to meet their cash management needs across different geographies,” Mazin Manna, CEO at ADIB, said.
“We look
forward to strengthening our partnership with Al Baraka over the coming years.”
Al Baraka Banking Group is an Islamic wholesale bank based in Bahrain with presence in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.
ADIB Direct is ADIB’s flagship digital platform that provides innovative financial solutions in areas of account management, electronic payments, trade finance, and global transactions. This forms part of ADIB’s far-reaching Digital Transformation Strategy which aims to modernise banking services and operations.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.
