Islamic banking will prosper despite crisis

Abu Dhabi: Islamic finance will continue to grow despite the current global financial crisis, the chief executive officer of Abu Dhabi Islamic Bank (ADIB) said on Monday.

"Islamic finance will grow because we know how to manage money better," Tirad Mahmoud said in his speech here at a function to release The Report Abu Dhabi 2008.

He said ADIB, though not the biggest bank in the UAE, has grown into a premier financial institution.

"Sharia compliance is important. Our values and business ethics are universal in nature. We help in the economic growth," said Mahmoud.

"We deliver value and profit for our shareholders and provide consistent and reliable returns for our customers," Mahmoud added.

ADIB was established on May 20, 1997, as a public joint stock company.

The bank commenced commercial operations on November 11, 1998. All its contracts, operations and transactions are carried out in accordance with the Islamic Sharia principles.