ABU DHABI — Abu Dhabi Islamic Bank, or ADIB, has launched a new Wealth Management service that will cater to the needs of Shariah sensitive mass, affluent and high net worth individuals, in the second largest Arab economy, where households’ assets exceeds $310 billion.
At a Press briefing on Monday, Malik Sarwar, Co-Head of Private Banking and Wealth Management Group at Abu Dhabi’s largest Islamic lender, said his bank plan to offer all assets classes including external providers as well as launched by the bank for its customers.
He said that the UAE is home to 25 per cent of the total high net worth individuals in the GCC or 55,000 millionaires, who own $190 billion worth in assets, according to estimates by consulting firm Boston Consulting Group. “There are 500,000 affluent people who own $100 billion in assets and the rest of the $20 billion assets are owned by the masses,” he referred to the study.
Sarwar said that Sharia compliant banks’ assets would see a double digit growth in future as it grew in the last decade.
Malik Sarwar said that new service will offer an innovative range of investment solutions that are designed to meet the financial needs of customers including Sukuks, Equities, Treasury Markets, Commodities, Mutual Funds, Real Estate Advisory, Trust, Private Equity and other Sharia compliant opportunities within the country and across the world.
“These cater to different risk and return levels and are based on financial objectives, risk tolerance and investment time horizons desired by clients, “Sarwar said.