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ADIB elects new Board of Directors

by Dubai Forum
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ABU DHABI, 21st March, 2022 (WAM) — Shareholders of Abu Dhabi Islamic Bank (ADIB) have elected a new board of directors at the Annual General Meeting that took place on Thursday, 17th March, 2022.

They also approved the distribution of cash dividends of 31.1155 fils per share, which represents 48.5 percent of the bank’s net profit for the fiscal year ending 31st December 2021.

During the meeting, ADIB general assembly also approved the board of directors’ report, the auditors’ report, and the financial statements for the year 2021. Serving a three-year term, the newly elected 2022 Board of Directors comprises Jawaan Awaidha Al Khaili, Khalifa Matar Al-Mheiri, Najib Youssef Fayyad, Abdulla Ali Musleh Al Ahbabi, Faisal Sultan Al Shuaibi, Abdul Wahab Al Halabi and Maha Al Qattan.

Jawaan Awaidha Suhail Al Khaili, ADIB’s Chairman, expressed his pleasure at announcing the election of a new Board of Directors with a number of prominent leaders in business, strategy, and the financial and banking services sector.

“We are confident in their ability to support ADIB to further consolidate its position as a leading bank in the Islamic banking sector.

“ADIB responded to the uptick in commercial activity well, delivering a strong financial performance. The prudent provisions we had taken in 2020 were able to be revised downwards by some 27 percent. We ended 2021 with a regulatory capital position which is strong and resilient, with a Capital Adequacy Ratio of 18.6 percent, comfortably exceeding Central Bank guidance.”

Nasser Al Awadhi, ADIB’s Group Chief Executive Officer, said, “A glance at the financials shows that 2021 was a positive year in terms of net profits, revenues, capital and returns. This was achieved through a combination of revenue growth and an effective cost control strategy, coupled with an improving macro environment.

“The outstanding performance not only reflects solid momentum across our core businesses and an improved macroeconomic backdrop but also was the outcome of our strategic review that was conducted to unlock value, drive growth, and prepare the Bank for the future. ADIB was able to make tangible progress in 2021 against our strategic initiatives to drive business growth where we continued to accelerate investments in products, services, and technology.”

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