Abu Dhabi Commercial Bank (ADCB) was recently named ‘Most Improved Islamic Bank in the Middle East’ by the leading international finance magazine Euromoney. The award was presented during the 2012 Euromoney Islamic Finance Summit which was held in London.
Amr Al Menhali, Head of Islamic Banking at ADCB, said: “We are honored and delighted to receive the ‘Most Improved Islamic Bank in the Middle East’ Euromoney award this year. This prominent award recognises the leading position of ADCB Islamic Banking and its success in raising the benchmark for Islamic Banks in the region. ADCB offers a complete suite of Shariah compliant products specifically designed to cater to the needs of consumers and to the further development of the UAE economy.”
He added, “This recognition is subsequent to the milestone ADCB’s Islamic Banking Division has achieved in the Islamic Banking business, which was acknowledged by the reputed worldwide Shariah governing body in an appreciation letter positioning ADCB Islamic Banking as a role model for Islamic Banks worldwide.”
In recognising ADCB for the award, Euromoney Editor Clive Horwood highlighted how “ADCB’s Islamic banking unit has benefited from a rebranding that has boosted public awareness of its Islamic offerings. The bank’s Islamic product-related deposits doubled in 2010, and in 2011 ADCB also issued a debut sukuk, further underlining the importance of Islamic finance for the bank.”
The annual Euromoney Summit brings together financial practitioners, academics, business leaders and policy makers in the industry, to address regulatory challenges facing Islamic banking, the practice of socially responsible Islamic Finance, and discusses the importance of Islamic Finance as a critical component of global economic reform.