Abu Dhabi, July 21, 2019: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, and Al Baraka Banking Group B.S.C. (Al Baraka), a Bahrain-headquartered Islamic multinational banking group, today announced that they have signed a memorandum of understanding for a correspondent banking arrangement that provides clients with greater flexibility and access to a wider network, in order to conduct seamless cross-border fund transactions.
The MoU was signed by Mazin Manna, CEO of ADIB, and Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, at ADIB's HQ, in the attendance of senior management from both sides.
The strategic alliance will enable ADIB to leverage Al Baraka's wide geographic presence spanning 17 countries. ADIB's existing customers will immediately benefit from the partnership, allowing them to manage accounts and make remote fund transfers to multiple markets using a single digital platform, ADIB Direct.
Mazin Manna, Group CEO of ADIB, said: "Partnering with Al Baraka is closely aligned to our overall strategy of bringing value-add services to customers which can enhance their banking experience. Increasing the efficiency of our correspondent banking offering with technology while expanding our geographic network can bring major benefits to clients. Our business expansion strategy continues to show promise, and this agreement will enable us to support our customers who are looking for a single, ubiquitous channel to meet their cash management needs across different geographies. We look forward to strengthening our partnership with Al Baraka over the coming years."
Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, remarked: "We are pleased to forge an alliance with ADIB through a partnership that represents a cornerstone for further collaboration. We now have an opportunity to navigate synergies and explore new corridors for growth using digital solutions."
He added: "Al Baraka is a leading provider of Shari'a compliant products globally and this agreement with Abu Dhabi Islamic Bank would now set the platform for customer referrals between the ABG Group and ADIB, capitalizing on our large geographic presence and wide client base. This approach is in line with ABG's thrust towards greater customer centricity."
ADIB Direct is ADIB's flagship digital platform that provides innovative financial solutions in areas of account management, electronic payments, trade finance, and global transactions. This forms part of ADIB's far-reaching Digital Transformation Strategy which aims to modernise banking services and operations.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.
Al Baraka Banking Group is a Islamic wholesale bank based in Bahrain with presence in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.