ABG, ADIB sign MoU

Al Baraka Banking Group, (ABG), a leading Islamic Banking Multinational Group, and Abu Dhabi Islamic Bank (ADIB), a leading and the second-largest Islamic bank in the UAE, signed a Memorandum of Understanding (MOU) to exchange customer referrals and strengthen processing customer payments and collections.

Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group, and Mazin Manna, Chief Executive Officer of Abu Dhabi Islamic Bank signed the MoU at the ADIB Headquarters in Abu Dhabi, UAE. The MoU will enable Al Baraka Banking Group and Abu Dhabi Islamic Bank to establish a partnership to provide their customers with access to wider markets and collaborate on cross-selling in the area of payments and collections.

Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, remarked: “We now have an opportunity to navigate synergies and explore new corridors for growth using digital solutions.” Mazin Manna, CEO at ADIB, said: “Our business expansion strategy continues to show promise, and this agreement will enable us to support our customers who are looking for a single, ubiquitous channel to meet their cash management needs across different geographies.”