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Al Hilal Bank has announced a new partnership with the Abu Dhabi Global Market, ADGM, aimed at promoting Islamic Finance in Abu Dhabi and across the UAE.
The Memorandum of Understanding, MoU, was signed by Alex Coelho, CEO at Al Hilal Bank, and Richard Teng, CEO of the Financial Services Regulatory Authority, FSRA, at ADGM premises.
The MoU provides an official platform for both Al Hilal Bank and ADGM to share and exchange key knowledge exchange, consult and collaborate on mutually beneficial initiatives to further support and build an innovative and competitive environment for Islamic Finance.
Through the agreement, Al Hilal Bank will work closely with the FSRA in the development of Islamic products, and will set up special purpose vehicle within the ADGM to enable the accomplishment of a number of key strategic initiatives. Also Al Hilal Bank and ADGM will collaborate on the development and application of technologies specifically designed to address real business challenges including mobile and e-banking, digital value-added services, blockchain, APIs, and automation.
Speaking on the partnership, Coelho said, "ADGM holds a critically important role in expanding the UAE’s global reach and it is our pleasure to embrace this mutually beneficial partnership. We strongly believe that holding hands with ADGM not only further strengthens our capabilities but also accretes value to the transformation of our industry for the benefit of our stakeholders, customers, employees, the community we serve and our financial partners. We are fully committed and looking forward to achieving success through this partnership while foreseeing the deployment of solutions and services that will solve some of our common challenges and increasing our market bandwidth."
In turn, Teng said that the partnership will serve to bolster the Islamic financial market and enhance the Fintech ecosystem in Abu Dhabi.
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