To assist local businesses and investors with their banking and finance needs, Abu Dhabi Islamic Bank and the Abu Dhabi Investment Office have signed a Memorandum of Understanding.In this partnership, ADIB will provide assistance in a number of areas, such as making it easier for businesses that are coming in as investors through ADIO or government initiatives to open bank accounts that are Shariah-compliant. This calculated move offers companies a banking option that complies with Islamic beliefs.
To help these organizations, ADIB will also offer financial possibilities. This includes options for financing based on bank guarantees and Standby Letters of Credit (SBLC). This strategy makes it possible to receive finance in accordance with the standards established by the Central Bank of the UAE. Additionally, ADIB will provide financing choices based on operating assets on the ground, such as real estate, machinery, and equipment.
Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking, said: “We will further enhance and streamline support for new enterprises and investors. This strategic partnership empowers us to provide a comprehensive suite of financial solutions specially tailored to their unique needs. By leveraging ADIB's expertise in Islamic banking alongside ADIO's commitment to fostering investments in Abu Dhabi, our aim is to facilitate the growth and success of the Abu Dhabi economic landscape.”
Eng Abdulla Abdul Aziz AlShamsi, Director General of ADIO, added: “The ability to quickly open bank accounts and access finance is an important factor for investors looking to establish overseas operations. Recent years have seen a series of initiatives across Abu Dhabi that made it simpler for companies to set up in the emirate. ADIO welcomes ADIB’s latest contribution to ensuring Abu Dhabi remains one of the easiest places in the world to do business.”