Iraq’s economic growth may have collapsed due to the twin shocks of stymied global oil demand and COVID-19, but Abu Dhabi Islamic Bank (ADIB) is harnessing Islamic fintech leveraging on the relatively high ‘internetization’ of the Republic to expand its Islamic banking proposition.
ADIB, the first Emirati bank to anchor itself in Iraq, will launch the digital banking platform ADIB Direct in Iraq to meet the growing business demands.
ADIB Direct offers banking solutions and services for corporates, including cash management solutions, cashflow forecasting, and foreign exchange services, according to a press release on Wednesday.
“Through ADIB Direct, we enable companies to efficiently manage their cash payments, liquidity, trade finance, supply chain and foreign exchange needs so they have more time to focus on their business,” explained Abdullah Al Shehhi, ADIB’s head of the international banking group.
ADIB Direct launched in 2019 in the UAE to provide companies with significant cost and time-saving efficiencies.
“At ADIB, we believe we play an important role in supporting Iraq’s local economy by providing businesses the banking services they need to help them thrive and achieve their financial goals,” Al Shehhi adds.
ADIB Direct is a digital platform the bank first introduced in the UAE back in 2019, which has shown promising results: over 90% of ADIB’s UAE online corporate banking services are fulfilled digitally through ADIB Direct, and it is likely that the bank hoped to replicate similar success in the Iraqi market.
Source Zawya