Abu Dhabi Islamic Bank (ADIB) has become the latest UAE bank to expand its branch network, as banks continue to tap consumer demand for loans and services amid a booming economy.
The bank yesterday announced that it was opening three new branches in its home emirate, in Nation Towers on Abu Dhabi Corniche, the Ruwais shopping mall in Gharbia, and in the Deerfields mall in Al Bahia.
The openings take ADIB’s branch network to 83, and the number of mall branches to 18.
“ADIB is expanding rapidly because we are giving customers what they want – convenient access to high-quality products and services,” said Philip King, ADIB’s head of retail in the UAE.
“By expanding our branch network, we are extending our hospitality and the personal touch, while we have also put a strong emphasis on creating an online banking platform and mobile app that is very easy to use.”
ADIB’s new branches announcement came two days after Mashreq announced the launch of a “smart” branch in Al Ain, offering conventional and Islamic services, including a dedicated SME centre.
Mashreq in May announced the launch of its new eCube centre in Jumeirah, offering various investment services to real estate customers. In the same month a new branch in Barsha was launched by Emirates Islamic Bank.
The bank branch openings come as lenders look to take advantage of the growth of consumer loans, feeding off the country’s robust economic growth.
Retail loans rose by 6.3 per cent from January to July, according to data from the Central Bank, outstripping the growth in total loans and advances, which have risen 5.1 per cent in the same period.
Personal loans by banks to residents grew to Dh297 billion at the end of July, a year-on-year increase of 6.7 per cent, according to Central Bank figures.
ADIB’s total loan growth slowed to 1.7 per cent in the second quarter of the year, after an average of about 4.5 per cent over the previous five quarters.
jeverington@thenational.ae
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How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
