By John Lee.
Abu Dhabi Islamic Bank (ADIB) said on Tuesday that it has launched operations in Iraq, reportedly the first UAE-based financial institution to get approval from the Iraqi Central Bank to operate there.
The lender said it would initially serve corporate and private banking customers, but will eventually offer corporate finance, investment banking and treasury products to the Iraq market.
Chief executive Tirad Al Mahmoud (pictured) said:
“Iraq has been on our agenda for some time now and we believe that this is the opportune time to launch our presence there. The country is on a comeback trail, business conditions have improved considerably and it’s the right time to get in. Its vast oil reserves, a great rebuilding and infrastructure development effort and a growing population present great opportunities for growth.”
Adib said it was also granted approval from Iraq’s central bank to confirm Iraq oil export letters of credit issued by multinational oil corporations, multinational commodities and oil traders and financial institutions that issue letters of credit on behalf of their clients.
(Source: Gulf News)