ADNIFAbu Dhabi National Islamic Finance
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ADNIF will follow an ambitious plan of growth and thus increase our reach to customers who desire accessible and purely Shari a-compliant products and services.
AbdulRaheem, the Deputy Group Chief Executive Officer of NBAD; Khalaf Al Dhaheri, the Senior Managing Director & Group Chief Operating Officer; Abdulla Al Otaiba, Senior Managing Director of Retail & Commercial Gulf; and several other ADNIF and NBAD senior management.
ADNIF is proud to support the good works of the Red Crescent to help mankind," he added.
ADNIF is engaged in many vital activities and projects that support the society, and are in line with NBAD's Corporate Sustainability and Responsibility (CSR) visions and objectives, such as education, health, community development and sports.
Starting with a capital of Dh150 million, the insurance company's founding shareholders, ADNIF, Abu Dhabi National Isurnace Co, Aldar Properties and Abu Dhabi National Energy Co or Taqa, will hold 45 per cent shares.
Pursuing this approach has put ADNIF in a better position as evidenced by our financial results during the first year of operations where ADNIF earned AED 24 million in 2008, compared with the start up expense of AED 10 million in 2007" Al Khouri confirmed.
We expect to see fast relative growth in the Islamic banking market where ADNIF is well-equipped to take advantage of this growing trend by opening new branches in the UAE & expanding the network-depth to broaden our customer base" he said.
Starting from Thursday, the 2010 ADNIF Grand Prix Blitz Chess Tournament will see a total of ten monthly events.
We look forward to working closely with Group 3 to ensure that we, and our partners Eastgate Capital Group and ADNIF are fully rewarded for our long term investment".
Moawia El Amin, Head of Corporate & Commercial Division at ADNIF comments: "ADNIF has grown significantly over the past 18 months under the NBAD umbrella.
He said ADNIF offers unrestricted investment pools, sukuk structuring, asset management services, in addition to Mudaraba and Istithna-based finances.
ADNIF, the Islamic banking division of National Bank of Abu Dhabi (NBAD) recently arranged a Dh334m ($100m) facility for the project.