Monday, May 27, 2024

Abu Dhabi Islamic Institute seeks to establish a company focusing on property management


Abu Dhabi – Mubasher: Mohammad Abdel Bari, chief financial officer of the Abu Dhabi Islamic Bank Group, said the bank was working to establish a company that would focus on asset management and would soon launch it in the market.

In an interview with Bloomberg, he explained that the bank is constantly exploring key and non-core growth opportunities for its banking business.

Abdul Bari said: The Bank seeks to engage in joint ventures with other companies to drive its growth forward and it will take a long time for the traditional formal merger and acquisition to bear fruit in this era.

The Bank saw a 9% growth in financing of businesses of corporations and government agencies, and strong demand from these sectors despite strong cash flow.

He explained that a 50 basis point increase in each interest rate would have a direct positive impact of 120 million dirhams on banks’ net profit..

Abu Dhabi Islamic Bank’s profit rises715 million dirhams or 18% at the end of the first quarter of 2022, compared to a profit of 607.4 million dirhams achieved during the same period of 2021..

The bank explained that profits increased by 15%, down from 133.5 million dirhams in the same period last year, to reach 113.3 million dirhams..

Abu Dhabi Islamic Bank’s profit rises2,328.7 million dirhams, or 45 per cent, by the end of 2021, compared to a profit of 1602.8 million dirhams achieved in the same period in 2020..


Gulf Treasury U.S. securities fell to $ 226.17 billion

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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