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Wednesday, December 6, 2023

ADIB signs MOU with ADIO to support domestic businesses


Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office (ADIO) to support domestic corporates and investors with their financing and banking activities.

In this collaboration, ADIB will provide support in various areas such as facilitating the opening of Sharia-compliant bank accounts for companies that are investors through ADIO or government initiatives. This strategic step provides businesses with Islamic-compliant banking solutions.

Additionally, ADIB will provide financing options to assist these entities. This includes financing opportunities based on standby letters of credit (SBLC) and bank guarantees. This method allows access to funds in accordance with the guidelines set by the Central Bank of the UAE. ADIB will also offer financing options based on collateral in the form of ground operating assets such as real estate, equipment and machinery.

Financial Solutions Suite

Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking, said: “We will further strengthen and simplify our support for new businesses and investors. This strategic partnership enables us to offer a comprehensive suite of financial solutions tailored to their unique Tailored to needs. By leveraging ADIB’s expertise in Islamic banking and ADIO’s commitment to facilitating investment in Abu Dhabi, we aim to contribute to the growth and success of Abu Dhabi’s economic landscape.”

ADIO Director General Eng Abdulla Abdul Aziz AlShamsi added: “The ability to quickly open a bank account and obtain financing are important factors for investors looking to set up an overseas business. In recent years, there have been a number of initiatives across Abu Dhabi to make it easier for companies to Established 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.”

The collaboration aims to strengthen the existing support system for domestic businesses and investors, promote economic growth and entrepreneurship, and attract foreign investment in Abu Dhabi.

trade arab news agency


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