ADIB Egypt wins Egypt's best international Islamic bank thanks to its strong financial performance and launch of impactful initiatives and products.
The bank's total Islamic assets under management grew by E£148.6 billion ($3.13 billion), a 27.2% year-on-year improvement. This growth was driven by strong performance in the bank’s Shariah-compliant retail and corporate loan portfolios, where the bank registered figures of E£21 billion and E£42 billion respectively. The bank was also active in sukuk advisory, where it recorded an advised value of E£45 million in sukuk registered during the review period.
The bank’s strong performance reflected several new campaigns.
One featured a cashback offer for sukuk investors that included an advanced profit payment option, whereby investors received a reward of 10% of their investment upfront. This campaign attracted 12,000 customers and resulted in sales of E£6 billion.
A similar campaign focused on time deposits attracted more than 1,000 clients in just three months.
The bank also made improvements to its product offering. It launched Up Front Wekala, which allows customers to receive their expected profit a day after purchasing short-term deposits.