Islamic Financial Services
From The Report: Abu Dhabi 2016
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After a robust performance in 2015, the sector has entered 2016 ready to weather the economic challenges presented by a subdued oil price and is well positioned to pursue growth where opportunities arise in the coming years. With total assets estimated at $127bn in 2014, the UAE has one of the largest sharia-compliant banking sectors in the world – the third largest after Saudi Arabia and Malaysia. Beyond the dedicated Islamic banks, the majority of the UAE’s 23 licensed lenders and many of the 26 foreign banks in the country operate sharia windows. Moving forward, Islamic lenders can expect to benefit from domestic economic activity, including the projects attached to Dubai Expo 2020 and the opening up of Iran to increased trade and investment activity. This chapter contains an interview with Tirad Al Mahmoud, CEO, Abu Dhabi Islamic Bank.

Articles from this Chapter

Overview

An emerging player: Sharia-compliant banks are growing at a far quicker pace than conventional banking sectors
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The UAE is one of the world’s core markets for Islamic financial services (IFS), and in recent years has made significant contributions to both global industry asset growth and innovation. Within the wider federation, the IFS institutions which have made Abu Dhabi their home have played an important role in the nation’s emergence as a centre for sharia-compliant banking, insurance and asset management. After a robust performance in 2015, the sector has entered 2016 ready to weather the economic…

Interview

Universal values: OBG talks to Tirad Al Mahmoud, CEO, Abu Dhabi Islamic Bank
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Interview:Tirad Al Mahmoud To what extent are the principles of Islamic banking universal, and how can these play a role in penetrating the conventional market? TIRAD AL MAHMOUD: Research has demonstrated that since the financial crisis there has been a growing mistrust among consumers and a heightened demand for ethical banking. Therefore, the ethical values and benefits of Islamic finance are attracting large amounts of customers from the “conventional” market to sharia-compliant banks,…

Analysis

Beyond borders: As the Islamic financial service sector grows, banks look to expand globally
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The acquisition of Barclays UAE retail business in 2014 by Abu Dhabi Islamic Bank (ADIB) represented the most significant expansion in the domestic Islamic banking market of recent years. However, while the headline-generating event was a very visible demonstration of the growth of sharia-compliant financing in the UAE, the expansion of Abu Dhabi’s Islamic banks beyond the nation’s borders is just as important a story. Both of the Islamic banks headquartered in the capital have made significant…