Abu Dhabi Islamic Bank sees retail demand in North Africa after revolts

Abu Dhabi Islamic Bank (ADIB) plans to expand in North Africa as the lender seeks to access more-populous markets. The bank applied for licenses in Algeria and Libya and is considering Tunisia and Morocco, Chief Executive Officer Tirad Mahmoud said. Interest in Shariah-compliant banking has increased since 2011, when revolts in North Africa catapulted Islamists to power. Moreover, the bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid Al Futtaim, which operate across the Middle East and North Africa and rely on global lenders such as HSBC Holdings Plc (HSBA) and Citigroup Inc. Mahmoud said MENA expansion is essential to capture market share from foreign lenders.