Abu Dhabi, UAE; 20 October 2022: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced today that it has been named the Safest Bank for 2022 by New- York based trade publication Global Finance Magazine, marking the first time the bank has achieved this accolade. ADIB was recognized at the awards ceremony held in conjunction with the 2022 annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, DC. ADIB ranked first in the category of 'Safest Islamic Bank 2022' and sixth Safest Bank among conventional and Islamic in the Middle East.
The recognition highlights ADIB's robust financial position, prudent risk management, advanced cyber security systems and its record of delivering innovative and safe Sharia'a compliant products to its customers. ADIB has been constantly amplifying its digital offerings and capabilities and has progressively introduced innovative features and services that provide simple, safe, and more effortless banking experiences to its customers.
Commenting on this award, Nasser Al Awadhi, Group Chief Executive Officer, ADIB said: “We are immensely proud to receive this prestigious recognition and to be ranked 'the safest Islamic bank' in. This accolade is a testament to our commitment to providing safe and secure banking experiences with innovative and industry leading solutions. It reflects the resilience of our franchise, underpinned by a solid capital base, healthy business momentum and long-standing customer support".
ADIB conducted its 5 year strategic review in 2021, which defined the bank's renewed purpose of becoming a lifelong partner for clients, community, and colleagues. It maintained robust and stable capitalization and liquidity positions over the years. Capital ratios have remained broadly stable at very healthy and market-leading levels. This led to sustained brand presence, increased stakeholder trustworthiness, and reinforced the bank's market positioning.
“Bolstered by government support through recent years of turmoil, the world's financial institutions have largely held their strength, standing as beacons of stability in a world of unprecedented change," said Joseph Giarraputo, Founder, and Editorial Director of Global Finance, accolading the newest addition of Safest Islamic Financial Institution for 2022.
Global Finance's annual rankings of the World's Safest Banks have been the recognized and trusted standard of financial counterparty safety for more than three decades. Banks were selected through an evaluation of long-term foreign currency ratings—from Moody's, Standard & Poor's, and Fitch—and total assets of the 1000 largest banks worldwide