Quotes: 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
 Dec 18 2014 - Qatar Airways to boost Oman's Salalah serviceMENAFN
(MENAFN) Qatar Airways announced it is planning to add four new services to Salalah, Oman's second largest city, by next February, thus bringing the number of its flights to the city to eight weekly ...

 Dec 18 2014 - Abraaj , Kellogg bidding war intensifies over Egypt's Bisco MisrMENAFN
(MENAFN) The bidding war between UAE's Abraaj Investment Management and Kellogg Co, the breakfast cereal maker, with each company continuously outbidding the other for the acquisition of Egypt's ...

 Dec 18 2014 - UAE's ME Digital Group acquires CoboneMENAFN
(MENAFN) Middle East Digital Group, the online publishing, content and services company and owner of Expatwoman.com, announced it has acquired the online coupon website Cobone in a multi-million ...

 Dec 18 2014 - Dubai's real estate to lead economic growth in 2015MENAFN
(MENAFN) Dubai's Department of Economic Development said that it expects real estate and construction will likely drive economic growth in 2015, which is expected to grow 4.5 percent next year ...

 Dec 18 2014 - Oman's Orpic to invest USD3.6b on increasing productionMENAFN
(MENAFN) Oman Oil Refineries and Petroleum Industries Company (Orpic) announced that its production capacity of polypropylene and polyethylene will increase to 1.4 million tons, when its USD3.6 ...

 Dec 18 2014 - Qatar- HH the Emir, HH the Father Emir Attend National Day Parade -1Qatar News Agency
(MENAFN - QNA) The parade started with the national anthem and the firing of 18-shot gun to celebrate the National Day, followed by a recitation of verses from the Holy Quran. The parade included ...

 Dec 18 2014 - China to become Dubai's largest trading partner in 2014MENAFN
(MENAFN) According to a new study by Invest Dubai, Falcon and Associates, China is set to overtake India to become Dubai's largest trading partner for 2014, Emirates 24/7 reported.The study indicated ...

 Dec 18 2014 - UAE's IHCC wins hospital construction project in AjmanMENAFN
(MENAFN) International Hospitals Construction C. (IHCC) announced it has won a contract to build a 300-bed Saudi German Hospital in Ajman, Gulf News reported.Under the contract, IHCC will oversee the ...

 Dec 18 2014 - Egypt's flag carrier eyes restructuring planMENAFN
(MENAFN) Egypt's national carrier announced that it has signed a deal with Texas-based airline advisory firm Sabre Airline Solutions to help it prepare for a restructuring plan for the state-owned ...

 Dec 18 2014 - Qatar- Summary of Local News Released Wednesday - 1-Qatar News Agency
(MENAFN - QNA) - HH Deputy Emir Sheikh Abdullah bin Hamad Al-Thani received cables of congratulations on the state's National Day from leaders and crown princes of fraternal and friendly ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help