Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank is one of the main banks of the United Arab Emirates being the main Islamic Bank of Abu Dhabi. Established in 1997 the Abu Dhabi Islamic Bank keeps up with the modernisation offering advanced services to its clients. The Women’s Bank of Abu Dhabi Islamic Bank is called Dana specialised for women clients only, as women as not allowed in Islamic banks only if they go to the women’s area. Abu Dhabi Islamic Bank has many branches in Dubai: Internet City, The Dubai Mall, Aswaaq Al Waraqa Shopping Centre, and more.

Before talking about Abu Dhabi Islamic Bank, we will need to say a few words about the Islamic Banks. Islamic Banks are a bit different in the way they deal with banking operations. However, these differences mainly come out when it comes to loans, interests and corporate clients, as Islamic Banks deal with banking for Muslim clients according to Sharia law system, which is the main law of all Muslims. Islamic Banks do not allow certain business types as to the nature of the business, which can be anything that Islam considers harmful activity. Interests are not paid to clients but Islamic banks also do not reduce interest, but a previously stated fee. Overall, for the individual perspective there are differences but rather in name than in the means of services. Yet, Islamic Banks deal with also with non-Islamic customers but in every case considering Muslim-banking regulations. There are several Islamic banks all over the world, also in non-Muslim countries. In the Arabic and Musulman countries, women must enter to Islamic banks through another entrance leading to another area non-visible to male clients. Abu Dhabi Islamic Bank wants to close out this situation by providing its banks called Dana Islamic Bank solely for its female clients.

The new Abu Dhabi centre of Abu Dhabi Islamic Bank is soon to be ready, with the constructions started in 2011 April and executed by Al Habtoor Leighton Group, worth 400 million Emirati Dirham. In the Islamic Banks such as Abu Dhabi Islamic Bank, there are Muslim scholars who audit all operations so everything would go strictly according to the Sharia law of Islam. Islamic banking is the only banking system in the world that keeps also ethical reasons in consideration other than the profit to be expected from a business. Deposits are also not paid interest but instead, it will earn the owner of the deposit a share of the total profit earned by the bank, therefore it is not called interest from then on.

The new concepts Abu Dhabi Islamic Bank is following include the implementation of chip credit cards and the waiver system, by which you just need to pull your card in front of the reader and it will automatically read the card and carries out transactions in exchange for the password and username of course. Abu Dhabi Islamic Bank also provides its own Air Mile cards in cooperation with Etihad Airways and can earn guest miles with each trip which an later be exchanged for a real ticket

Abu Dhabi Islamic Bank offers well rounded services and even if you are non-Muslim, its worth reading about Abu Dhabi Islamic Bank its services and its novelties.

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