IslamicFinance.de

Abu Dhabi Islamic Bank PJSC is considering entering markets in South East Asia and Africa to tap demand in countries with a large Muslim population. The bank has “looked closely” at Indonesia and Malaysia as well as Algeria, Morocco and Jordan, Chief Executive Officer Tirad Mahmoud stated. The bank may consider an acquisition next year as part of the plan, he said. ADIB in 2014 acquired the retail banking business of Barclays Plc in the U.A.E. for 650 million dirhams ($177 million). The bank was also among lenders that bid to buy the retail banking assets of Citigroup Inc. in Egypt this year, losing out to Commercial International Bank Egypt SAE last month. ADIB expects lending to grow by four percent to six percent this year, Mahmoud added.