Dubai: Abu Dhabi Islamic Bank (ADIB) and Al Baraka Banking Group announced on Sunday they have signed a memorandum of understanding for a correspondent banking arragement to provide clients with access to a winder network.
The alliance will enable ADIB to leverage Bahrain-based Al Baraka’s geographic presence in 17 countries. ADIB customers will be able to manage accounts and make remote fund trasnfers to mutiple markets using a single digital platform.
Mazin Manna, group chief executive officer of ADIB, said that the bank’s expansion strategy “continues to show promise” and that this deal will allow ADIB to support customers across different geographies.
Al Baraka Banking is an Islamic wholesale bank with presence in Jordan, Egypt, Tunisia, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco, and Germany. ADIB’s presence spans six markets, which include Egypt, Saudi Arabia, the United Kingdom, Sudan, and Iraq.