ADIB Opens 59th Branch in Al Muhaisnah, Dubai Image Credit: SUPPLIED

1997 - The world’s largest Islamic bank, Abu Dhabi Islamic Bank (ADIB), was formally established by a decree of His Highness Shaikh Khalifa Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The new ADIB will have a paid-up capital of Dh1 billion, overtaking Egypt’s Faisal Islamic Bank for the top spot. The Abu Dhabi government is to retain a 10 per cent stake in the institution. The private department of President His Highness Shaikh Zayed Bin Sultan Al Nahyan is taking a 5 per cent stake, while the bank’s founding committee has retained 24 per cent for its members. The remaining Dh610 million will be raised through public subscription. ADIB is entering an “overbanked” market, as observed by the UAE Central Bank.

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