ADIB Redefines Islamic Banking As Ethical Banking At The "12th Euromoney Islamic Finance Summit"

ADIB CEO proposes ethical banking for the global community; ADIB to host a summit on ethical and Islamic banking by Q4 this year.

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial institution, today made the case for the viability of Islamic finance as an ethical and sustainable business model that is becoming increasingly attractive to global consumers.

Speaking at the opening address of the 12th Euromoney Islamic Finance Summit, sponsored by ADIB, Tirad Al Mahmoud, CEO of ADIB, highlighted the positive outlook for Islamic banking as a viable, resilient and ethical business model with universal values.

“There is enormous demand for ethical banking all over the world, especially in the aftermath of the global financial crisis. Global consumers are asking for a banking model that can help them- they want a bank that provides them with simple solutions, speaks their language, and manages their funds in a fair and transparent manner with no hidden charges. All of these requirements are key pillars of the Islamic banking value proposition,” Tirad Al Mahmoud says in his opening speech.

He also urged the Islamic finance industry to collaborate further to promote the universal values of Islamic banking in order to inspire and drive the change that would lead to the restoration of trust across the wider financial sector. “We don’t have a monopoly over the Islamic banking values, but we need to join forces to promote them in the best interests of the global banking industry,” said Tirad.

During his speech, he also called Islamic banks to adopt a simpler and more customer-centric business model that is capable of addressing all customers’ financial requirements. “Simplicity should be our inspiration. We need to work hard on finding solutions that are simple. Our innovation should be about addressing the technical aspects of Shari’a compliance- but we should not forget the customer in the process. We should take inspiration from customers’ requirements and follow the spirit & purpose of Shari’a principles,” continued Tirad.

Tirad also announced that ADIB will be hosting the world’s first summit on ethical and Islamic finance in Q4 of this year. The summit will bring together key players from the global financial industry to discuss the issues and opportunities that will help reforming the financial services sector.

ADIB is the platinum sponsor of the 12th Annual Euromoney Islamic Finance Summit, which is taking place from the 26th to the 27th of February in London. The sponsorship comes in line with ADIB’s strategy to enhance awareness about Islamic banking and to lead the debate on Islamic finance, as the industry rapidly shifts from a niche to a mainstream business in a number of markets globally.

Emirate:  Abu Dhabi

Date: Feb 27, 2013

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