Abu Dhabi Islamic Bank, an Islamic financial services group, has launched a wealth management service, in a bid to cater to the increasing needs of the mass affluent and high net worth in the region.
The new unit will be led by Malik Sarwar, who has over 25 years of experience in the US, Asia and the Middle East at Citigroup, Merrill Lynch and the Permal Group.
ADIB Wealth Management will offer investment solutions such as sukuks, equities, treasury markets, commodities, mutual funds, real estate advisory, trust, private equity and other Shariah-compliant opportunities.
“As risk aversion levels have increased post-crisis, the debate on conventional versus Islamic investment has taken centre stage in the region,” said Sarwar.
The firm believes the launch of a wealth management division comes at a time when investors have learnt the lessons of prudence, preservation, diversification and stability.
"Wealth management is central to our plans going forward and we have allocated sufficient resources to let it spread its wings not only in the United Arab Emirates but also globally. It is a step in the direction of making the bank a globally preferred Islamic finance solutions provider,” said Tirad Mahmoud, chief executive of ADIB.