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ADIB To Expand Into Asian Wealth Management

Vanessa Doctor

8 December 2009

Abu Dhabi Islamic Bank has expressed plans to expand its Sharia wealth management services into Asia, with Indonesia, Malaysia, and Singapore as key targets, according to a report by Arabian Business.

"The segment that's growing the fastest is asset management or investments business and especially targeted towards the affluent and high net-worth customers," said Malik Sarwar, ADIB's executive vice president for global wealth management, on the sidelines of an Islamic banking meet in Bahrain.

Indonesia and Singapore are two of the fastest growing markets for Islamic finance, he said. Malaysia, in particular, has been earning the reputation as the region's hub for shariah compliant financial products and services.

ADIB was not immediately available for comment when contacted by WealthBriefingAsia.

Financial firms in the Middle East have been turning to Asia to seek new opportunities following the major hit incurred by its local real estate industry in the past weeks. Companies are hoping to take advantage of the region's rapid growth in an attempt to pad losses. Just a few days ago, National Bank of Abu Dhabi had announced that it is opening its first Asian branch in Hong Kong.