Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding with Abu Dhabi Global Market (ADGM), it announced on Wednesday.
The entities will collaborate to support the growth needs of the financial community in Abu Dhabi, and the agreement will see ADIB providing ADGM registered and licenced entities and dedicated client managers preferential Sharia compliant banking services.
The parties will focus on strengthening collaboration in the areas of education and training, business development, co-hosting Digital Lab, creating awareness research pertaining to financial services, banking, and fintech-related initiatives. Additionally, the MoU aims to increase collaboration between the two entities to initiate preferential banking services.
Commenting on the partnership, Nasser Al Awadhi, Group CEO, ADIB said: “This MoU is a strategic milestone in ADIB’s plan to contribute to economic and financial sector growth in the Emirate of Abu Dhabi and the UAE. In partnership with ADGM, we are committed to advancing the dynamic business environment and supporting thriving financial ecosystem. ADIB will provide ADGM registered entities with seamless banking experience, bespoke financial solutions and expertise through a broad collection of customised products and services to help them achieve their full potential.”
Dhaher bin Dhaher, CEO of the Registration Authority of ADGM, said: “The MoU between ADGM and ADIB will establish further collaboration in areas of banking and financial services. We are pleased to partner with a leading Islamic financial institution in the region to support mutually beneficial initiatives to empower ADGM’s community with dedicated Shariah-compliant banking services while also strengthening and growing Islamic banking offerings and financial solutions in Abu Dhabi and the UAE.”