Abu Dhabi Islamic Bank is focusing on innovation and digitalisation to drive growth in sharia-compliant lending
Islamic banking is a financial system that operates based on the principles of Islamic law. Also known as sharia, the law prohibits charging interest (riba) and engaging in speculative or unethical business practices.
Islamic banking has gained popularity in the region due to its ethical and transparent approach to finance, which aligns with the cultural and religious values of many of the Middle East’s citizens.
In recent years, sharia-compliant banks have expanded their offerings beyond traditional retail banking services to include corporate, business, private banking and wealth management solutions.
The Middle East is home to some of the largest and most successful Islamic banks in the world, including Abu Dhabi Islamic Bank (ADIB).
With more than $40bn in assets, ADIB is one of the largest Islamic banks globally and offers online, mobile and phone banking services to its customers, providing seamless digital access to their accounts 24 hours a day. Established in 1997, the bank has a presence in six strategic markets, namely Egypt, Saudi Arabia, the UK, Sudan, Qatar and Iraq.
ADIB is targeting continuous innovation of sharia-compliant products to support customers across the retail, small and medium enterprise (SME) and corporate landscape.
Digital innovation
The bank has a rich track record of innovation, including introducing award-winning products such as the Ghina savings account, co-branded cards with Abu Dhabi flag carrier Etihad Airways, Dubai’s Emirates airline and local telecoms provider Etisalat, and a wide range of financing products.
ADIB’s 2025 strategy is built on four strategic pillars:
- Continuous innovation
- Segment focus
- Digital transformation
- Sustainability
As the banking sector undergoes rapid digitalisation, traditional banks are actively adopting new technologies to enhance their products and services. Case in point, ADIB has been actively pursuing digital transformation initiatives to enhance customer experience and drive efficiencies across its operations.
As part of its 2025 strategy, the bank is also expanding its operations and enhancing its digital capabilities.
ADIB plans to launch innovative digital ventures and new business models while focusing on building its strength in the Emirati retail segment and attracting new business segments to grow profitably.
These initiatives demonstrate the bank’s commitment to digital transformation and its efforts to stay ahead of the curve in a rapidly evolving banking landscape.
In addition, sustainability has become a critical success factor for ADIB, with matters of diversity, climate change, staff wellbeing and governance at the forefront of its strategic priorities.
ADIB has been named the Mena Islamic Finance Bank of the Year at the Mena Banking Excellence Awards 2023.