Abu Dhabi Islamic Bank Egypt (ADIB) has announced plans to invest approximately EGP 1bn in technology and digital transformation, alongside expenditures on cybersecurity enhancements.
This announcement was made during the bank’s participation in the 28th Cairo ICT Exhibition, held from 17 to 20 November under the theme “The Next Wave”, which focused on exploring future technologies across various industries and sectors.
Showcasing Digital Banking Innovations
The bank, along with several of its subsidiaries, participated in the event to showcase its latest digital banking innovations and future-oriented strategies in response to rapid advancements in global technology.
At its pavilion, the bank presented a range of banking services and innovative products aligned with Islamic Sharia principles, targeting companies, institutions, and visitors. These offerings highlighted the bank’s significant progress in digital transformation.
Commitment to Growth and Innovation
Mohamed Ali, CEO and Managing Director of Abu Dhabi Islamic Bank Egypt, emphasized the importance of the bank’s presence at the Cairo ICT Exhibition, describing it as the premier technology event in Egypt, the Middle East, and Africa. He noted that the event brings together government agencies, banks, telecommunications companies, and other stakeholders interested in cutting-edge technology, making it an ideal platform to showcase the bank’s diverse range of Islamic Sharia-compliant products and services.
Ali also underlined the bank’s dedication to participating in high-profile exhibitions and conferences to foster effective communication with other participants and demonstrate its expertise in Islamic banking. He reiterated the bank’s commitment to staying abreast of technological advancements in the banking sector while focusing on growth and innovation in alignment with the vision of the Egyptian state and the directives of the Central Bank of Egypt (CBE).
Subsidiary Contributions
The bank’s subsidiaries also took part in the exhibition. The Abu Dhabi Islamic Bank Consumer Finance Company showcased its mobile application “Taka”, the first Islamic Sharia-compliant consumer finance app in Egypt. The app features support for prepaid cards, enabling customers to join and benefit from its services seamlessly.
Arzaq, the bank’s microfinance subsidiary, also participated as one of the bank’s specialized financing arms, focusing on supporting the growth and expansion of micro-businesses.
Strategic Partnerships
During the exhibition, Arzaq signed a strategic partnership agreement with Damen and OPay, two electronic payment companies, to facilitate the collection of financing installments through an extensive network across all governorates. This initiative aims to enhance the customer experience by offering more efficient and convenient services.
