Islamic finance awards 2012: Most improved Islamic bank in the Middle East
In its last annual report, ADCB reported strong growth in its Islamic products. Islamic product-related deposits more than doubled between year-end 2009 and year-end 2010, going from Dh7.27 billion to Dh14.98 billion ($4.07 billion). The Islamic retail loans and credit cards business grew by more than 100%. Corporate growth was slower but still strong at slightly over 20%.
Income from Islamic financing grew by 311% between the two reports, increasing from Dh52.95 million to Dh217.54 million
In 2011 ADCB issued a debut sukuk, which was also its first dollar issuance since the Dubai World debt standstill announcement in 2009. The five-year $500 million issuance shows the increasing importance of Islamic finance for ADCB, which has previously been a primarily conventional financial institution.
ADCB’s Islamic banking unit has benefited from a rebranding that has boosted public awareness of the bank’s offerings in Islamic financing. Previously known as ADCB Meethaq, the Islamic banking section of the business has been rebranded as ADCB Islamic Banking.
While the Emirati public had high awareness of ADCB as a conventional financial institution, the Meethaq brand failed to draw attention to the presence of a dedicated Islamic banking unit within the business.