Abu Dhabi Islamic Bank : ADIB launches Letter of Credit financing to support UAE Exporters and business customers

ADIB launches Letter of Credit financing to support UAE Exporters and business customers

Abu Dhabi, 19 February, 2017: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has launched Sharia compliant Letter of Credit (LC) financing without recourse. This is a key transaction banking product that supports UAE businesses, particularly exporters and business customers, allowing them to manage their working capital in an efficient and effective manner and receive their payments early, while meeting their importers terms.

A Letter of Credit ensures that international and domestic transactions between buyer and seller can take place in confidence and with security, and represents a key instrument to support trade among businesses and their suppliers. In the event that the exporter has working capital gaps, ADIB's LC financing will provide businesses with the liquidity they need to sustain their operations

Haytham El Maayergi Global Head of Transaction Banking, ADIB, says: 'The launch of LC financing without recourse is in line with our commitment to support ambitious UAE businesses, in particular exporters and SMEs, in managing their transactions within the supply chain. Our product delivers immediate benefits to companies, providing a straightforward, secure framework in which to manage cash flow and finance. With growing UAE-based companies increasingly looking internationally for growth, ADIB will continue to act as a financial partner providing banking solutions to promote the development and international expansion of UAE corporates and SMEs.'

Global Transaction Banking is a growth business for ADIB, with the launch of the Export LC financing facility anticipated to support the opening and growth of new revenue streams across ADIB's international markets. The bank is investing in building its portfolio of cash and trade management solutions to meet the working capital needs of companies across all industry segments.

ADIB has long been an active participant and proponent of the UAE private sector and, in 2016, launched a dedicated mobile banking app for its corporate and business banking customers to further support their growth in the UAE and provide them with a superior and seamless banking experience.

ADIB is one of the UAE's leading banks, delivering premium solutions tailored to meet the financial needs of its customers through development of innovative products and solutions.