Abu Dhabi Islamic Bank (ADIB) Egypt has announced an increase in the issued and paid-in capital of the Abu Dhabi Islamic Consumer Finance (ADI-CF) — its new arm for consumer finance in Egypt — from EGP 10m to EGP 30m.
The launch of the new company, which represents a paradigm shift in the consumer finance market, reflects ADIB Egypt’s commitment to supporting financial inclusion initiatives, which is one of the most important catalysts for economic growth in accordance with Egypt’s 2030 Vision.
Last September, the bank obtained the approval of the Financial Regulatory Authority to launch the ADI-CF and launched the company with a capital of EGP 10m with the aim of providing diversified and fast financing solutions with easy terms to the Egyptian consumer.
The solutions would allow customers to purchase products and services with Sharia-compliant financing while giving them the freedom to choose a payment plan that is appropriate for them.
In a statement released on Sunday, the bank said that the decision to increase the company’s capital to EGP 30m came during a recent meeting of the company’s Board of Directors, which is headed by Ahmed Effat, and the membership of an elite group of the most important cadres working in the banking sector, who have diverse banking experiences.
It explained that the meeting aimed to review the company’s business plan and its financing plans, and that the Board of Directors approved the main work plan and financing proposals. It also announced that the company’s executive management team was selected and appointed to start leading its business and has distinct capabilities and competencies as well as diversity in experiences between the banking sector, financial technology, the consumer goods sector, and others, and that they have previously worked in major international and local companies.
Mohamed Ali, the CEO and Managing Director of ADIB Egypt, stressed that the launch of the ADI-CF is a pivotal step and an important achievement for the bank in the Egyptian market and also reflects its strategic ambitions to strengthen and support its position as a banking institution that occupies a leading position in the digital transformation of financing solutions to support the aspirations and hopes of consumers in Egypt.
Ali explained that the establishment and launch of the ADI-CF come in response to the continuous development witnessed by the local banking market, where major transformations in the market require a similar amount of innovation in the provision of financial and banking services and a full understanding of the basic needs of customers, and therefore, the bank aims to develop — through this company — a new vision for the digital consumer finance system in Egypt.