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MarketScreener Homepage  >  Equities  >  Abu Dhabi Securities Exchange  >  Abu Dhabi Islamic Bank    ADIB   AEA000801018

ABU DHABI ISLAMIC BANK

(ADIB)
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Abu Dhabi Islamic Bank PJSC : ADIB Community Banking To Serve Non Profit Organisations

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08/13/2012 | 11:55am EDT

ADIB Community Banking To Serve Non Profit Organisations

Abu Dhabi, 2012: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today the launch of ADIB Community Banking to address the banking requirements of non-profit organisations and government and private organisations focused on serving the UAE community. As part of this pioneering business line, the bank will provide customized banking services to community-oriented entities and charitable institutions as part of its social responsibility initiatives.

The target market for ADIB Community Banking includes Charities and Philanthropy Associations that provide poverty relief, advancement of education and health; Special Needs Foundations and Centers that care for the handicapped and persons suffering Autism; and Social Development and Welfare Organizations that provide social welfare, voluntary services, combat harmful practices and support human rights.

ADIB Community Banking will also be provided to Islamic affairs authorities, education and research institutions, healthcare authorities, cultural, arts and heritage authorities, environment and animal welfare authorities, sports associations and general and professional associations of public interest.

Explaining the rationale behind this new business line, Trad Almahmoud, CEO of ADIB Group said: "ADIB Community Banking is a unique and specialized customer segment that complements our mission and shared values in serving the communities in which we operate. Its primary objective is to support ournon-profit organisations by helping to re-deploy their income more effectively. As a bank, we are providing clear opportunities to these organisations by cross-selling our products and services but what we are primarily looking to do is to create new products for them."

ADIB Community Banking was conceived in cooperation with number of the bank's existing community oriented clients in Abu Dhabi. Products and services that are offered include Current and Savings Accounts, Cash Management, Transaction Banking, and wide range of Sharia'h compliant products & services.

ADIB Community Banking will be led by Abdulrahman Abdulla, Head of Strategic Clients Group at ADIB. He has three decades of experience in the banking industry and played a key role in establishing ADIB Private Banking Group. Abdulrahman is responsible for all of the bank's strategic client relationships and is Vice Chairman of ADIB Securities, the group's brokerage.

In addition to our current products and service range that ADIB will initially offer, the strategy within ADIB Community Banking includes introducing investment products, such as Sukuk, and advanced services such as cash management solutions, endowment management options and business planning and advisory services. ADIB will also play an important role in sponsorships and partnership opportunities as its relationships grow and aim to build a considerable market share in the community banking sector.

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Financials
Sales 2020 5 177 M 1 410 M 1 410 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 15 327 M 4 173 M 4 173 M
Capi. / Sales 2020 2,96x
Capi. / Sales 2021 2,86x
Nbr of Employees 0
Free-Float 53,0%
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Number of Analysts 3
Average target price 4,41 AED
Last Close Price 4,22 AED
Spread / Highest target 14,2%
Spread / Average Target 4,42%
Spread / Lowest Target -2,84%
Managers
NameTitle
Mazin Manna Group Chief Executive Officer
Jawaan Awaidha Suhail Al-Khaili Chairman
Hassan Adel Khalifa Head-Operations
Mohamed Abdel Bary Chief Financial Officer
Mamoun T. Al-Homssey Chief Information Officer
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