Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding (MoU) with Bank Leumi, one of Israel’s largest banking corporations, to explore areas for future cooperation in the UAE, Israel and other international markets. The MoU will open new business and trade opportunities for customers, and it supports their banking needs as individuals travelling to Israel or businesses looking to benefit from access to new market.
The MoU, which was signed by Khamis Buharoon, ADIB’s Vice Chairman, and Hanan Friedman, President and Chief Executive Officer of Bank Leumi, is aligned to the economic and commercial goals set out in the Abraham Accords between the UAE and Israel.
Khamis Buharoon, ADIB’s Vice Chairman, commented: “We are proud to sign this MoU with Bank Leumi, one of Israel’s largest and most prestigious financial institutions. This landmark partnership, which is aligned with both nations’ common goal to forge strong economic and commercial ties, will support our retail and corporate banking customers in their banking needs when traveling or opening businesses in Israel.
Hanan Friedman, President and Chief Executive Officer of Bank Leumi, added: “Bank Leumi is honored to sign this MoU with ADIB, one of the Middle East’s leading Islamic banks. The signing of the Abraham Accords represents a new dawn for relations between our two countries. For banks, this provides considerable opportunities to lay the foundations for strong business partnerships and to help our respective clients in each other’s home market.”
The MoU signed by ADIB and Bank Leumi will enable both banks to work together to serve organisations in the UAE and Israel with banking services such as cash management, trade finance, corporate accounts, and foreign exchange solutions.