The cost-of-living crisis has affected people all over the world, bringing personal finance into greater focus than perhaps it has ever been. With so many taking stock of their accounts, banks that offer tailored services are in hot demand.
But in the Islamic world, it’s not so simple. Sharia law places strict rules on traditional money management; interest-based loans, for instance, are prohibited. The rise of Islamic, Sharia-compliant banks is a response to this situation and such financial institutions have sprung up around the globe.
One of the largest is Abu Dhabi Islamic Bank (ADIB). With more than two million customers, it places a high priority on being a responsible corporate citizen that considers the needs of its industry, its shareholders and above all, its customers.
“We’re always looking to create better customized services for our clients,” Group CEO Mohamed Abdelbary tells The CEO Magazine.
“We’re very much aligned to the ecosystem we’re a part of, whether that’s coming from open finance, from payments or from the best domestic schemes. We’re plugged into the national agenda, and we understand that generative AI (genAI) is the future of banking because it allows us to achieve our goals in the optimum way.”
Two steps ahead
It’s often said that AI presents businesses with two options: get on board or be left behind. Under Abdelbary’s leadership, ADIB has embraced the blossoming technology wholeheartedly, with a solid determination to get the jump on the competition.
“In the banking industry, you always have to stay two steps ahead of the state of evolution,” he says. “One of the key highlights for me so far has been laying the foundation for the utilization of data and analytics in driving business performance.”
A 28-year veteran of the banking industry, Egypt-born Abdelbary joined ADIB in 2020 after years with Barclays, Citibank and Standard Chartered Bank.
“I’m a CFA charter holder by education and my entire career has been predominantly in finance, strategy, mergers and acquisitions and business transformation,” he says. “I’ve been very lucky in terms of setting up businesses and leading acquisitions and integration.”
The Group CEO’s breadth of experience has seen him operate in countries in both hemispheres.
“All of the continents I’ve worked very closely in, I was personally responsible for these markets,” he says. “That gave me a great perspective in terms of different economies and how to get the best of both worlds.”
When the opportunity to apply these skills at ADIB arose, Abdelbary jumped on it.
“I did not hesitate,” he says. “I felt it was a natural transition, and there was so much opportunity and potential to unlock. There’s the infrastructure, the culture and the willingness to succeed, all recipes for success. Accordingly, we’re building on that now.”
A clear vision
In March 2024, Abdelbary was appointed acting Group CEO at ADIB, a position that was solidified that October. In doing so, the bank’s board of directors placed its trust not only in Abdelbary but also his vision for ADIB.
“I believe it’s important to always be building what I call the bank of the future,” he says. “And one of the major initiatives I’m very proud of is that early on, we created what we call the Center of Excellence for analytics, a unit staffed by data scientists.”
The canny move came even before the worldwide conversation regarding AI and its uses kicked off, making ADIB an early adopter of the power of data and analytics.
“We’ve created a data powerhouse, which allows us to make informed decisions,” he adds. “And from there, we were able to build to the launch of our Vision 2035.”
Designed to determine ADIB’s north star, Vision 2035 is a very personal undertaking for Abdelbary.
“It will determine how we use the power of genAI to build a better customer experience,” he says. “More importantly, however, it will determine how we do that in a sustainable, controlled and ethical manner. I’m very proud to say that I believe we’re leading the market in that effort.”
The COVID-19 pandemic caused banks around the world to shy away from investment; ADIB went in the other direction.
“And we’re seeing the benefits today,” Abdelbary notes.
As a leading Islamic financial institution, ADIB has, he says, a responsibility to continue to lead in that sector.
“We’re very clear about who we are and what we stand for,” he says. “In addition to Vision 2035, we have a very robust five-year plan. It’s three phases: immediate needs over the first year; medium-term goals defined within the five-year span; and then realizing those goals.”
Futuristic goals
Chief among them is to employ genAI to build Abdelbary’s vision of the “bank of the future.”
“When people think of search engines, they think of Google. When people think about banking, I want ADIB to come to mind unconsciously.”
It’s a tall order, but the team at ADIB is making it happen by delivering strong financial performance and an outstanding client experience.
“That means heavy investment in control, compliance, cybersecurity, people and infrastructure,” he says. “Building the bank of the future is like building a skyscraper. If the foundation is not strong, it won’t hold many floors.”
Part of ADIB’s strong foundation is its United Arab Emirates location, which Abdelbary believes has weathered the financial fallout of the pandemic better than most.
“It’s an important market, and while we’ve seen turbulence, the United Arab Emirates as a country has always emerged as a winner because of a very balanced worldview,” he says.
“It can absorb the shocks, and to do that, you can’t simply solve the problems known today, but must plan for economically impactful scenarios that could lie in wait around the corner. The United Arab Emirates has been extremely successful in that regard.”
And so has ADIB. By upholding what Abdelbary says is a moral obligation to create trust, transparency and a better lifestyle for the community and clients, the bank’s financial performance has exceeded expectations. But that’s just an outcome, he says.
“It’s very easy to exponentially grow a business and deliver better financial results, but if you don’t do it in a way that’s sustainable, that creates trust and keeps the client at the heart of everything you do, it will be short-lived. That’s not success for me.”
Responsible growth
For Abdelbary, success means having a greater impact and, on a personal level, leaving a strong legacy of responsibility.
“I hope that when people look back, they see a strong institution that was responsible to its society,” he says.
“I’m a very big believer in the idea that a business’ biggest assets are its people. We are not machines; we are not desks. If you make people feel appreciated, rewarded and developed, if you take them on the journey with you, everything else will fall into place. If I can achieve all that, I would have achieved the success I’ve set for myself and for ADIB.”
ADIB is, he adds, a modern Islamic bank that has adopted today’s (and tomorrow’s) technology in the best interests of its clients.
“We don’t take short-term views on any decision we make,” he says. “The choices we make ensure that we provide ethical, Sharia-compliant banking value for our clients, and are here for the long term. That’s very important for us.”
