31 July 2018, Abu Dhabi, UAE: Al Hilal Bank has announced a new partnership with the Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, aimed at promoting Islamic Finance in Abu Dhabi and across the UAE. The Memorandum of Understanding (MoU) was signed by Alex Coelho, Chief Executive Officer at Al Hilal Bank, and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) at ADGM Authorities Building on Al Maryah Island.
The MOU provides an official platform for both Al Hilal Bank and ADGM to share and exchange key knowledge exchange, consult and collaborate on mutually beneficial initiatives to further support and build an innovative and competitive environment for Islamic Finance.
Through the agreement;
- Al Hilal Bank will work closely with the FSRA in the development of Islamic products.
- Al Hilal Bank will set up special purpose vehicle within the ADGM to enable the accomplishment of a number of key strategic initiatives.
- Al Hilal Bank and ADGM will collaborate on the development and application of technologies specifically designed to address real business challenges including mobile and e-banking, digital value-added services, blockchain, APIs, and automation.
Speaking on the partnership, Alex Coelho, CEO at Al Hilal Bank, said: “ADGM holds a critically important role in expanding the UAE’s global reach and it is our pleasure to embrace this mutually beneficial partnership. We strongly believe that holding hands with ADGM not only further strengthens our capabilities but also accretes value to the transformation of our industry for the benefit of our stakeholders, customers, employees, the community we serve and our financial partners. We are fully committed and looking forward to achieving success through this partnership while foreseeing the deployment of solutions and services that will solve some of our common challenges and increasing our market bandwidth.”
Richard Teng, CEO, Financial Services Regulatory Authority of ADGM said: “ADGM is pleased to partner Al Hilal Bank, one of the most progressive home-grown Islamic banking leaders, on initiatives and programmes that serve to bolster the Islamic financial market and enhance the Fintech ecosystem in Abu Dhabi. We share the common ambition to provide a conducive environment for more fresh and innovative solutions to address the needs of consumers and our stakeholders in Abu Dhabi and regionally. Together, we can grow and strengthen Islamic banking offerings and the financial landscape in Abu Dhabi.”
About Al Hilal Bank
Al Hilal Bank provides innovative Islamic banking services, principally in the UAE, to public sector, corporate and retail customers. The Bank was founded by, and remains wholly-owned by, Abu Dhabi Investment Council. The Bank commenced business in mid-2008.
As at 31 December 2017 and based on data published by the Central Bank, the Bank was the 11th largest locally incorporated bank in the UAE by total assets and total financings and the 10th largest by total deposits.
The Bank was also the fourth largest locally incorporated Islamic bank in the UAE by total assets, total financings and total deposits as at the same date.
The Group principally generates profit income from its financing activities, although it also earns fee and commission income on certain services provided by it and records investment income from its investment securities portfolio.
The Bank was recognized as the Safest Islamic Financial Institution in the GCC by Global Finance in 2016 and 2017, and is rated A2 by Moody’s and A+ by Fitch.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law. ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years, since its inception, for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM. For latest ADGM FInTech updates, please visit www.fintech.adgm.com.
* Source : The Global Investor Middle East and North Africa (MENA) Awards
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