Abu Dhabi Islamic Bank (ADIB), a Sharia-compliant lender in the UAE, is pursuing acquisition opportunities outside the country.
The move was confirmed by ADIB chief financial officer Mohamed Abdel Bary in an interview with Bloomberg Television.
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By GlobalDataDuring the interview, he was quoted as saying: “We are continuously looking for opportunities outside the UAE.
“Once we identify an opportunity which would make sense to us and becomes capital-accretive, we would definitely pursue it.
“Nothing is off the table and we are at the forefront when it comes to opportunities outside the UAE — and inorganic as well.”
This comes when several UAE-based banks are seeking an overseas expansion amid dull growth in the home market.
Notably, First Abu Dhabi Bank acquired Bank Audi’s Egyptian unit earlier this year.
In the third quarter, ADIB’s net income slipped 7.7% to AED492.9m ($134.2m) as impairments increased.
Commenting on the performance, Bary told Bloomberg Television: “Our focus for the remaining few quarters is to ensure we have a strong close to the year.
“We refreshed our strategy. And our aim is by 2025 to deliver a return on equity of 20%.”
Earlier this year, ADIB launched an Islamic digital bank called Amwali for the younger population aged between 8-18.
The lender launched the offering in partnership with Founders Club, a group of Emirati youth and their parents.
