First Abu Dhabi Bank renames Islamic banking unit as First Abu Dhabi Islamic Finance
First Abu Dhabi Bank (FAB), the UAE’s largest bank, has announced that it is launching a new brand for its Islamic banking arm.
Its wholly-owned subsidiary Abu Dhabi National Islamic Finance (ADNIF) has changed its legal name to First Abu Dhabi Islamic Finance.
The bank said in a statement that First Abu Dhabi Islamic Finance will continue to work towards establishing itself as the Islamic finance provider of choice in the region.
Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, said: “Since we launched our company in 2007, we have established a solid presence for ourselves within the UAE’s rapidly growing Islamic finance market, building a strong branch network, a comprehensive suite of Sharia-compliant financial solutions and an extensive customer base.
"While we are now operating under a new name and brand identity, our commitment to our customers remains the same, and they will continue to benefit from the collective expertise, products and technologies of one of the UAE’s leading Islamic finance providers and the UAE’s largest bank alike.”
All products and services will remain the same under the FAB Islamic brand, the bank said.
FAB last month reported a group net profit of AED9.1 billion ($2.48 billion) for the first nine months of 2018, up 12 percent year-on-year.
The bank also said that its third quarter earnings totalled AED3 billion, up 16 percent on Q3 2017.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.