According to bank provided information, the project consists of a subordinated Murabaha financing to Abu Dhabi Islamic Bank Egypt (“ADIBE” or the “Bank”). This Tier 2 capital instrument is intended to add diversity to the Bank’s capital base and long-term growth prospects.
ADIBE is an Egypt based Islamic bank that started its operations after the acquisition of the National Bank for Development (NBD) in 2007 by a consortium between Abu Dhabi Islamic Bank and Emirates International Investment Company. ADIB offers a broad range of banking solutions that cater to the needs of corporate and retail customers through a network of 70 branches and a team of over 2000 employees and experts. In order to integrate further services, the Bank established an Investment Banking arm, ADIB Capital Egypt; a leasing company, ADIFinance; and an asset management arm, ADIB Invest.
The project involves a subordinated loan of up to US$50 million to ADIBE for IFC’s own account.
ADIBE is listed and trading on the Egyptian stock exchange with a free float of 28.4%. The largest shareholder is Abu Dhabi Islamic Bank PJSC (“ADIB UAE”). ADIB UAE is a United Arab Emirates based bank, established in 1997 as the first Islamic bank in Abu Dhabi, and listed and trading on the Abu Dhabi Stock Exchange. In addition to being a full-fledged financial services provider that offers banking solutions for individuals, corporations and affluent customers, ADIB UAE provides brokerage services, real estate and property management, payment services and insurance coverage. Globally, ADIB UAE has a presence in six strategic markets, being Egypt, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, Sudan and Iraq.
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org