IslamicFinance.de

Abu Dhabi Islamic Bank (ADIB) is the latest lender after JPMorgan, Citi and Standard Chartered to expand business in Iraq as the oil-rich country boosts crude production and rebuilds its infrastructure. ADIB plans to open a branch in Basra before the end of the year after it opened a branch in Erbil in October. The lender’s expansion in Iraq is part of a larger strategy to grow its international network, which includes branches in the United Kingdom, Egypt, Qatar, Saudi Arabia and Sudan. Iraq’s economy is expected to grow by 6.3 per cent this year, up from 3.7 per cent growth last year. The country raised its crude oil production by 530,000 barrels per day (bpd) last month to 3.6 million bpd. However, Iraq remains a fragile state and security risks can never be understated.