Abu Dhabi Islamic Bank provides AED 300 million finance facility to Al Dhafra Cooperative Society

Published March 9th, 2010 - 07:46 GMT
 Abu Dhabi Islamic Bank (ADIB), one of the region’s leading Islamic banks, will provide AED300 million Islamic finance facility to Al Dhafra Cooperative Society to fund working capital and capital expenditures.
The agreement was signed at ADIB Head office by Mr.Tirad Mahmoud, CEO of ADIB and Mohammed Khalifa Al Hamli, member of the Board of Directors of Al Dhafra Cooperative Society; a Cooperative Society owned by a group of more than 1,500 UAE nationals who are mainly residents of the western region.
Tirad Mahmoud, CEO of ADIB, said: “Supporting the interests of UAE nationals is one of our key mandates in the Western Region. We are aggressively pursuing such opportunities that are completely aligned with the vision of the Abu Dhabi Government which reiterated its commitment to the Western Region by announcing major investments and projects worth over AED40 Billion.”
“We have grown our UAE-based financing portfolio over the last couple of years and intend to accelerate its growth in 2010. ADIB is highly liquid, with the customer financing to deposits ratio strengthening to 83.9%, augmenting our capacity to finance diverse projects and aid the UAE’s economic growth,” added Mr. Tirad Mahmoud.
Mohammed Khalifa Al Hamli, member of the Board of Directors of Al Dhafra Cooperative Society, praised the efforts of ADIB and its cooperation in implementing the strategy carried out by the Western Region Development Council. This strategy is in line with the directions of HH Sheikh Hamdan Bin Zayed Al Nahyan, the Ruler's Representative in the Western Region, urging the private sector to participate in the overall development process of the region under the guidance of HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and the support of HH General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Mohammed Khalifa Al Hamli stressed that Al Dhafra Society is committed to support the development of the Western Region, in addition to providing programs and plans that benefit the residents of the region and elevate the level of services provided to them.
He clarified that the financial facilities given to the society by ADIB would contribute effectively to the implementation of a number of important projects that play an effective role in boosting the development process. Al Hamli said that the society’s board of directors had ambitious plans to implement various projects in the region that are the under the guidance and the aspirations of the UAE leadership and in consistency with the Western Region 2030 Strategy.

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