The banks in UAE generally belong to two types and they are national and foreign. In the present situation there are around 46 operating banks in UAE among which 21 national banks. The banks are listed either on the Abu Dhabi Securities market or that of Dubai Financial market. Another important feature is rapid spread of Islamic banking with a range of sharia compliant product introduced in the market. The Islamic finance deals like Ijara transactions are highly common in property purchasing deals. Investment is huge with attractions of potential investors (UAE banking sector Report, 2007, p.1). The paper will deal with five common products of two banks operating in UAE. One is the First Gulf Bank (FGB) which is a conventional bank with its branches in some Asian countries and Abu Dhabi Islamic Bank (ADIB) which centers on with the strict principles of Sharia law and operates nationally. Finally after discussion a comparative analysis will be made. Abu Dhabi Islamic Bank (ADIB) Abu Dhabi Islamic Bank (ADIB) set its journey on 20th May 1997 in the form of a Public Joint Stock Company following the Emri decree 9 of 1997. The commercial operations of the bank started on November 11,1988 with the formal inauguration by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999.The banks holds a vision to be one of the top tier global Islamic financial services group (5% Cashback with ADIB Covered Cards this summer, 2012). ADIB in the year 2010 introduced a new brand identity as its symbol of new promise. The bank has executed extensive research in the identification of ways which would be suiting the personal needs of customers. The bank delivers unique solution guided by the timeless rule and principles of Sharia. The bank also resides on the principle of banking as it should be. The employees of the bank are working 24*7 in order to implement the rules but also the execution of the powerful promises and offerings which the bank provides. The financing process of the bank is simplified and equipped with the latest e-ADIB Internet Banking which is highly safer and convenient in its use. The bank caters a large number of financial products and also launched some new products and services which lead to the ultimate satisfaction of the clients. Now the focus will be on the products of the ADIB bank with their detailed information and their mechanism (Corporate Banking, 2012). Deposits One of the primary goals of the customers within a banking interaction is that of deposits as keeping cash aside for the future is highly essential in hedging the uncertainties of the future. The deposits option in the ADIB bank helps the customers in making their money work and channelize in the way they want. The 24 hours ATM network service also provides instant access to the funds of the customers (Business Banking, 2012). The corporate banking offers a huge range of Sharia compliant Islamic banking solutions includes a large range of Sharia complaint Banking solutions including Murabaha, Istisnaa, Ijara, Islamic covered drawings and other Shari’a compliant products. The corporate banking highly caters on the expansion as well as innovation of tailor made pure Islamic banking solutions to the clients. The Corporate Banking client profile is segmented into government and public sector entities, financial institutions and a diversified private sector base of Trading, Contracting, Real Estate, Energy, Transportation, Manufacturing and other industries within the bank’s target market. Specific screening criteria have been developed to ensure origination of risk in these segments is in accordance with
Cite this document
(“Abu Dhabi Islamic Bank and First Gulf Bank Research Paper”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/12210-abu-dhabi-islamic-bank-and-first-gulf-bank
(Abu Dhabi Islamic Bank and First Gulf Bank Research Paper)
“Abu Dhabi Islamic Bank and First Gulf Bank Research Paper”, n.d. https://studentshare.net/finance-accounting/12210-abu-dhabi-islamic-bank-and-first-gulf-bank.
Cited: 0 times
The abundance of oil can be regarded as a blessing for the United Arab Emirates (UAE) and which has also emancipated the banking sector of the country and led to the fast growth in the last few years…
The United Arab Emirates, commonly known as the UAE or the Emirates, is an Arab country located on the Persian Gulf to the southeast of the Arabian Peninsula. It borders Oman to the east, Saudi Arabia to the south and shares sea borders with Qatar and Iran.
As the paper declares the company has successfully proved itself as capable of providing enhanced value added financial services across retail, corporate, investment and Islamic banking across the Gulf Corporation Council region. This organization is highly focused on its long term vision which is to become most dynamic.
Abu Dhabi is both the name of the island city and the largest Emirate that surrounds it which occupies over 80% of the UAE territory .The city of Abu Dhabi is located at the junction and was first settled in the mid-eighteenth century as a hunting and pearling base.
The notion of urbanization is practically translated into development of less developed areas into more advanced ones with the passage of time (Parnell pp. 350). The importance of corporate activities is more than valuable in this regard. The localities tend to have a competitive advantage in the form of an industry.
This paper looks into the formation of the central bank of GCC. Central Bank of GCC is yet to be formed officially, even though member countries have already met to discuss its structure, functions, and the qualifications of its membership.
Conclusion Brief Introduction on the Global Financial Crises (2007-2009): The Global Financial Crises of the 2007 to 2009 has been regarded as one of the most severe financial downturns in the history. Following the footsteps of the Great Depression of 1923 it was termed as The Great Recession due to the magnitude of the economic disruption caused by it.
The real estate market condition in the United Arab Emirates is, as a whole, facing a boom. It has the most secure and profitable market in whole Gulf region. Abu Dhabi is currently enjoying real estate investment from all over the world. The Abu Dhabi market possesses number of opportunities in the real state sector.
To acquire a better comprehension in this context, the growth of healthcare sector of the UAE can be taken into concern. The development of healthcare sector of this nation can be better comprehended by the establishment of numerous