Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

ADIB to extend reach with new name: CEO  Join our daily free Newsletter

MENAFN - Khaleej Times - 21/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The uae?s second biggest shariah-compliant lender abu dhabi islamic bank (adib) is considering a proposal to enter ?certain markets? as abu dhabi international bank to reach out to a bigger segment of the market.

in the uae however the lender would continue working as abu dhabi islamic bank its chief executive officer tirad al mahmoud said at a media roundtable here on tuesday.

the idea is to study how much the word “islamic” in its name in certain markets is deterrent to being inclusive.

referring to a commissioned research which was carried out in the uk the uae egypt turkey and indonesia al mahmoud said many people in non-muslim societies thought islamic lenders serve only muslims which was not the case.

only seven percent people in the uk said they don’t mind banking with an islamic bank. however the number of respondents multiplied to 28 per cent instantly when they were informed of the principles and values of islamic banking which stands for ethical business.

sharing the findings of a study “banking as it should be” the adib chief executive said that this study into customer perceptions of the banking industry with a focus on ethics and islamic banking found that for most people top 10 attributes of an “ideal bank” are not financial returns from banking products as most of them preferred customer service and ethics.

for a majority of customers attributes of an “ideal bank” include a lender that keeps its customer best interest in mind keeps its promises is transparent in all its dealings has no hidden fees acts ethically etc.

in april adib spent dh650 million to acquire the uae’s retail and wealth management assets of british lender barclays a deal which will boost its exposure to the expatriate community.

“the migration of 110000 barclays accounts to adib system will start on september 1” al mahmoud said. he was confident that his bank would retain the business it acquired from barclays along with the retail staff.

meanwhile according to the study only 58 per cent of the respondents believe their bank has hidden interest fees or charges and only 57 per cent believe their bank has the customer’s best interest in mind; 41 per cent say their bank is not transparent in all its dealings.

across the board customers found their banks not easy to do business with and lacking in applying best industry practices and delivering simple banking experience.

“there is great demand for ethical bank globally; islamic banks have a unique opportunity to meet this unmet demand because ethics are core to their foundation. they need to focus on substance rather than on form innovate to make their products and services simple and straight forward. this will give them universal appeal and drive future growth” said al mahmoud.

the study showed that in indonesia egypt the uae and turkey 76 per cent trusted the banking sector in contrast with only 21 per cent in the uk where people placed banking on the bottom of a list of industries in terms of trust.

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help