Abu Dhabi, 23 July 2024: Abu Dhabi Commercial Bank PJSC (“ADCB” or “the Group”) is expanding its strategic presence in Central Asia – a US$1.751 trillion economy – by establishing a hub in Kazakhstan for its sophisticated Shari’ah compliant corporate banking services.
By deploying its expertise and extensive network, ADCB will support the growth ambitions of companies participating in Central Asia’s rapid economic development - a region propelled by large-scale infrastructure projects, increasing domestic and foreign investment, abundant natural resources, and a youthful, skilled workforce.
The ADCB Group’s subsidiary in Kazakhstan, which is currently known as ‘Al Hilal Islamic Bank JSC’, will be rebranded to offer corporate financial products and services under ADCB’s Islamic Banking arm. Concurrently, ADCB will be gradually phasing out its retail banking activities in Kazakhstan, currently provided by Al Hilal Islamic Bank JSC, while providing
support to its retail banking customers in transitioning into alternative banking options. This will be carried out in close collaboration with regulators.
Ala’a Eraiqat, Chief Executive Officer of ADCB Group, said: “The strategic expansion of ADCB in Central Asia marks a pivotal moment, underscoring the Bank’s commitment to growth and its capability to unlock opportunities for our corporate clients. Through a renewed presence in Kazakhstan, combined with our network in the UAE and broader Middle East region, ADCB is uniquely positioned to support companies operating along key regional economic corridors. We look forward to leveraging the Bank’s expertise and sophisticated offering to play an increasingly prominent role in facilitating trade and investment flows.”
From its hub in Kazakhstan, ADCB will provide clients with an increasing range of Shari’ah-compliant corporate banking services, including various financing structures and cash management solutions.
ADCB, which is a leading bank in the UAE, also operates a fast-growing business in Egypt and recently obtained regulatory approval to establish a strategic presence in Saudi Arabia.
In the UAE, Al Hilal Bank will continue to focus on growing as a leading digitally driven Shari’ah-compliant retail bank. Since Al Hilal Bank joined ADCB Group in 2019, it has accelerated adoption of cutting-edge digital technology to provide customers with a distinctive proposition, while capitalising on the scale and capabilities of the broader ADCB Group.
ADCB is one of the largest banks in the UAE, with USD 167 billion in assets as at the end of June 2024. Listed on the Abu Dhabi Securities Exchange (“ADX”), ADCB has a strong shareholder base, anchored by a majority stake held by Mubadala Investment Company, the Abu Dhabi-based sovereign investor. International rating agencies Fitch and S&P recently
affirmed the ratings of ADCB at ‘A+’/‘A’, respectively, underscoring ADCB’s position as a secure and stable banking institution on a global scale.
Al Hilal Islamic Bank’s history in Kazakhstan dates to 2010, when it was established as the first Islamic bank in the country and the Commonwealth of Independent States with a mission to provide innovative banking products and services in accordance with Sharia’ah rules and principles. ADCB acquired Al Hilal Islamic Bank JSC in Kazakhstan as part of its acquisition of
Al Hilal Bank in 2019.
