Abu Dhabi Financial Services (ADFS) has been awarded for its leading role in implementing a system to increase transparency.

ADFS, the fully-owned brokerage subsidiary of the National Bank of Abu Dhabi (NBAD), received an award for its commitment to implement Extensible Business Reporting Language (XBRL) in the brokerage category. The award was presented to ADFS at the XBRL conference held in Abu Dhabi, the first time this event has been held in the Middle East.

XBRL is an internationally-recognised campaign to implement a systematic and efficient method for financial reporting and transparency. ADFS and its parent company, NBAD, are participants in the campaign. The three-day XBRL conference in Abu Dhabi, which drew 600 organisations from 50 countries, was held under the theme “Transparency: Available, Reliable, Comparable and Re-usable Data.”

HE Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Securities and Commodities Authority (SCA), presented the Award to ADFS at Extensible Business Reporting Language (XBRL) conference.

“ADFS has been committed to transparency and maximum disclosures,” said Aymen Samawi, the Managing Director of ADFS. “We believe transparency is a critical part of the formula for success because it creates market stability and increased participation.”

ADFS was one of the earliest brokerage firms to offer online trading and our platform continues to be among the best and most user-friendly in the market. ADFS captured 8% of all the securities traded in the UAE securities market, giving it the highest share of the market.

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