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ADIB weights name change after Barclays’ buyout

img_0057Abu Dhabi Islamic Bank, which bought the local retail assets of Barclays, is weighing whether to change its name as it targets more non-Muslim customers beyond its home market. The second-biggest Islamic lender in the United Arab Emirates may change to Abu Dhabi International Bank outside the nation to lure customers drawn to ethical banking, Tirad Mahmoud, chief executive officer of ADIB, said during a conference in the emirate last week. This could help capture a loan market that’s about 200-times the size of Shariah lending. With 60% of U.A.E. residents already holding bank accounts, faster growth opportunities for ADIB may need to come from international markets. The lender’s purchase of the Barclays asset was a rare chance to secure 110,000 new customers at home. Having the word ‘Islamic’ in the name makes it seem like the bank is only for Muslims, Mahmoud said. Islamic banking assets represent a tiny proportion of total financial assets globally.

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