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Abu Dhabi Islamic Bank and First Gulf Bank
Finance & Accounting
Pages 12 (3012 words)
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 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. ...
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