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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During 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.
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By GlobalDataNotably, 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.
