Abu Dhabi, 10 June 2014:
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, was a sponsor of Trade UAE – Iraq, a forum held on 9 and 10 June to promote business between Iraq and the UAE, and to highlight opportunities for UAE companies for trade and investment in Iraq.
The event, which took place in Erbil, included a number of working sessions focused on different aspects of the opportunities available for the UAE private sector. Speakers included H.E Newroz Mawlod, Chairman of the Board of Investment, Kurdistan Regional Government, H.E. Dara Jalil Khayat, President of Erbil Chamber of Commerce and Industry, Rashid Saif Al Jarwan, Board Director of Dana Gas, and Faruk Moustafa, Chairman of Faruk Holdings.
ADIB was the first UAE bank to establish operations in Iraq, in 2012, with a branch in Baghdad. It initially offered corporate and private banking services including corporate finance, investment banking and treasury products to the Iraq market. It has since added traditional commercial banking services such as international trade finance solutions, cash management, and foreign exchange services.
ADIB was also granted approval from the Central Bank of Iraq to confirm Iraq oil export letters of credit issued by multinational oil corporations, multinational commodities and oil traders and financial institutions that issue letters of credit on behalf of their clients.
Today ADIB has branches in Baghdad and Erbil and is also studying the possibility of opening a branch in Basra before the end of the year.
Mona Yassine, CCO of ADIB Iraq was a speaker at the forum and outlined the bank’s strategy for its business there: “The Kurdistan Region in Iraq provides regional companies with fertile ground for investments, due to its stability and range of business opportunities. Today, KRI is considered a leading investment destination, due to the diversity of these opportunities within such a unique and open business environment.”
She added “In addition to that, in the near future the bank is also launching new consumer banking solutions through savings and long term deposits accounts, as well as Auto Finance and Property Finance.”