Corporate Governance Report

ADCB adheres to the highest standards of corporate governance. In many respects, we are pioneers in our geographic region: We have voluntarily adopted practices above and beyond those mandated by law. We continuously enhance and improve our governance principles and framework, emphasising transparency, integrity, accountability and fairness.

We believe high standards of corporate governance will contribute to our long-term success, encourage trust and engagement with our stakeholders, and reinforce our risk management culture. To that end, the Bank and all of its business units have clear, well-understood governance policies, procedures and practices. We regularly review and adjust our governance framework to reflect changes in the Bank’s businesses, best practices and the external environment.

The Board

Membership, Committees and Meetings

The Board, which consists of 11 experienced professionals, met eight times in 2015. Directors received information between meetings about the activities of Board and management committees and developments in the Bank’s business. In addition, the Board held an off-site meeting in October to debate, refine and reiterate the Bank’s strategy. Members of senior management were invited to all these meetings to enhance the Board’s engagement with management and understanding of the business. In addition, Board members regularly visited divisions and branches of the Bank to enrich their knowledge of our operations.

The Board has four standing Committees: Audit & Compliance; Corporate Governance; Risk & Credit; and Nomination, Compensation & Human Resources. Each Member of the Board, with the exception of Ala’a Eraiqat, the Group Chief Executive Officer, serves on at least one standing committee. The Board Committees held a total of 51 meetings in 2015. Memberships and chairmanships of the Board Committees are reviewed on a regular basis to ensure suitability and are rotated as needed.

The table below gives details of each Director’s attendance at meetings of the Board and standing Board Committees in 2015.

Directors’ Independence

During 2015, more than one-third of the Directors were considered independent. In addition, a majority of the members of the Audit & Compliance Committee were independent. On the management side, the Group Chief Internal Auditor reports to the Board’s Audit & Compliance Committee and the Group Chief Risk Officer reports to the Board’s Risk & Credit Committee.

To ensure that the Board has the benefit of a range of independent thinking, the Bank appointed Sir Gerry Grimstone as an independent Board Adviser in January 2013. In 2015, Sir Grimstone attended five Board meetings, three Board Committee meetings (NCHR), and the Board strategy sessions. His background and lengthy experience enriches the Board’s deliberations, particularly in the areas of strategy; Board reporting and effectiveness; performance assessments for senior management; and assessments of risk appetite and rewards.

The Board’s Agenda in 2015

The Board of Directors regularly discusses certain items that are fundamental to the direction of the Bank, such as business performance, long-term planning, strategy, risk appetite and management, succession planning, and human resources. In 2015, the Board paid particular attention to the following:

  • developing strategies for pursuing sustainable growth and profitability;
  • enforcing conservative underwriting principles to ensure the Bank maintains a strong risk position;
  • integrating an internal audit mindset into all of the Bank’s business groups to facilitate regular monitoring of systems and risks and proactive information-sharing and problem-solving;
  • monitoring regulatory developments and best practices, both in the UAE and elsewhere;
  • monitoring the results of the Bank’s focus on customer service;
  • monitoring the Bank’s initiatives to control costs and improve efficiencies;
  • monitoring the Bank’s digitisation initiatives;
  • understanding market trends and developments and studying new business opportunities;
  • assessing each Bank division, its strategic initiatives and its performance against strategic targets; and
  • improving governance structures and processes, and maintaining a governance framework that adds value to the business and reinforces our culture of governance and prudent risk management.

Reporting Principles

This Corporate Governance Report outlines some key aspects of the Bank’s corporate governance framework. We focus here only on the information we think is most important to our shareholders. If you are interested in more detail, you can find the following documents on the Bank’s website (

  • Articles of Association
  • Code of Corporate Governance
  • Codes of Conduct for our employees and our Directors
  • Board Performance Evaluation policy
  • Procedures for selecting and appointing the Bank’s Directors
  • Conflicts of Interest policy for Directors
  • Dividend policy

The website also contains information about the following subjects:

  • Our disclosure standards, communication with shareholders, and investor relations
  • Our strategy-setting process
  • The structure and composition of our Board
  • Board oversight of risk management
  • Our process for initiating new Directors and ensuring the professional development of all Board Members
  • Matters reserved for the Board
  • How we ensure Board Members have continuous access to critical information
  • Retirement and re-election of Directors
  • Remuneration of Directors for service on the Board and Board Committees
  • The Board’s Adviser
  • Directors’ independence
  • Management committees
  • Internal controls
  • Audit arrangements
  • Internal audits, regulation and supervision
  • Diversity
  • Succession planning
  • Codes, standards and communications
  • Our variable pay framework

Board Oversight of Risk Management

Risk management is a key part of ADCB’s corporate governance framework.

The Board of Directors has overall responsibility for setting our risk appetite and for ensuring risk is effectively managed. The Board Risk & Credit Committee (BRCC) oversees risk monitoring and management, and works with management to refine practices as appropriate for particular sectors, geographic regions and customer types. The BRCC also reviews the suitability and effectiveness of the Bank’s management systems and controls, reviews stress tests and the Bank’s stress-testing methodology, oversees the management risk committees, and ensures that our risk governance supports prudent risk-taking at all levels in the Bank. Please see further details in the Risk Management section of this annual report.

The Board and management also foster a compliant culture. They have created an environment where employees at all levels are empowered to confront improper behaviour, raise grievances and suggest better ways to pursue the Bank’s strategic goals.

Performance Evaluations

The Board undergoes a rigorous in-house performance evaluation annually, and, in line with global standards, regularly engages an independent external consultant to conduct a performance evaluation. The next independent performance evaluation will take place in 2016.

The process and goals for the Bank’s in-house evaluations can be found in the Board Performance Evaluation policy on our website. When the most recent evaluation was completed in early 2015, the Board Corporate Governance Committee recommended certain actions, which were implemented during 2015. Specifically, we enhanced the Board’s strategy-setting and oversight process, and we enhanced the Board’s discussions on changing consumer behaviour and the evolution of technology.

Appointment, Retirement and Re-Election

All Directors are required to seek re-election by shareholders every three years, and one-third of the Board must seek re-election each year. The Abu Dhabi Investment Council has the right to elect a percentage of the Board that is proportionate to its holdings of the Bank’s share capital. As of year-end 2015, the ADIC held 58.08% of the Bank’s stock and had the right to elect six Directors.

Other Practices and Policies

Management Committees

Management has established the following committees:

In addition, management has established several working groups that cover, amongst other things, customer experience and compliance.

Internal Controls

In 2015, the Board Audit & Compliance Committee reviewed the effectiveness of the Bank’s systems of internal control, including financial, operational and compliance controls and risk-management systems. The Board has received confirmation from the Bank’s Internal Audit Group that the internal controls have been assessed to be effective and operating as designed, and that management has taken or is taking the necessary action to remedy any failings or weaknesses identified.

Audit Arrangements

Deloitte & Touche, the external auditors, were appointed at the 2015 Annual General Meeting (AGM). Bank policy restricts the external auditors’ tenure to no more than three consecutive years and also restricts the tenure of any individual audit partner to no more than three consecutive years, unless approved by the Board Audit & Compliance Committee.

Deloitte & Touche is paid on a fixed annual fee basis, as approved by the shareholders at the AGM. In 2015, the audit fees for the Bank and its subsidiaries excluding India operations amounted to AED 917,500, and fees for non-audit work amounted to AED 45,810. During the period from 1 January to 3 March 2015, PricewaterhouseCoopers were the Bank’s external auditors. The fees paid to PricewaterhouseCoopers for their audit work for the 2014 year was AED 1,496,080 and fees for non-audit work for the period 1 January–3 March 2015 amounted to AED 308,388.

The Bank’s Approach to Disclosure

The Bank is committed to high standards of transparency and to enhancing our disclosures regularly to reflect local and international best practice. In this year’s annual report, we have focused on giving readers a clearer picture of our performance, business model and strategy. In addition, we have refined and streamlined our risk disclosures.

In keeping with our leadership role on governance matters, we are confident the Bank is one of the most transparent institutions in the region. We publicly communicate relevant financial and non-financial information in a timely manner through this annual report, our quarterly market updates, our press releases, the Bank’s website and the Abu Dhabi Securities Market (ADX). The Bank has an Investor Relations department whose role is to ensure strong communication with our investors and potential investors. Finally, we take internal communications extremely seriously: Staff are kept aware of all new developments — including the Bank’s strategic direction, objectives, ethics, risk policies, general policies and procedures, new regulations, and other relevant information — via numerous internal channels.


In 2013, Aysha Al Hallami became the first woman on the Bank’s Board of Directors. This is in line with international trends and the Bank’s efforts to promote greater diversity at the Board level, and it also corresponds with the Government’s efforts to empower Emirati women.

The Bank’s Board is aware of the advantages of all types of diversity. A diverse Board is likely to make better decisions.

Reports of the Board Committee Chairmen

01 Audit & Compliance Committee

Composition as at 31 December 2015
Mohamed Darwish Al Khoori (Chairman), Aysha Al Hallami, Omar Liaqat, Khalid Deemas Al Suwaidi, Mohamed Ali Al Dhaheri
Secretary: Rami Raslan

Statement from the Chairman of the Audit & Compliance Committee

Dear Shareholders,

During 2015, the Audit & Compliance Committee focused, as always, on ensuring the integrity and transparency of the Bank’s financial statements and the effectiveness of the Bank’s internal audit activities and Internal Controls and Compliance functions. We also reviewed the work carried out by the Bank’s statutory auditors, Deloitte & Touche. The Committee held 11 meetings in 2015, during which the Committee discussed, reviewed and worked on a number of matters, including the following:

  • the tendering process for the Bank’s external audit;
  • the transition between the previous and newly selected auditors;
  • the continuous assessment of the effectiveness of the financial reporting and disclosure process;
  • the continuous assessment of the effectiveness of the external audit process;
  • the activities of the Bank’s Compliance function; and
  • the performance and activities of the Bank’s Internal Audit function, including the Internal Audit function’s budgeting, staffing and training activities and delivery against the approved plan.

In addition, the Audit & Compliance Committee was actively involved in:

  • coordinating its activities with those of the Board Risk & Credit Committee and other Board Committees;
  • monitoring the choice of accounting policies, principles and judgements;
  • reviewing and ensuring the existence of an effective overall system of internal controls;
  • discussing the annual audited financial statements with management and the external auditors, and, in particular, considering the soundness of the Bank’s specific and general provisions;
  • reviewing audit observations raised by the internal and external auditors, the Central Bank, the Abu Dhabi Accountability Authority and other regulators, and management’s responses to such observations;
  • ensuring that the Internal Audit function is providing independent assurance to the Board in promoting effective governance processes;
  • evaluating the external auditors’ qualifications, performance and independence, including overseeing all of the external auditors’ non-audit activities to ensure independence is not compromised, and reviewing the scope of work proposed by the external auditors for the year;
  • reviewing the Committee’s terms of reference and other policies sponsored by the Committee, such as the Bank’s audit rotation policy and external auditor selection policy;
  • discussing risk management policies and practices with management; and
  • reporting regularly to the Bank’s Board of Directors.

The Committee regularly met with the external auditors and internal auditors without the presence of the Bank’s management. In addition, the Committee members attended joint meetings with the members of the Risk & Credit Committee to discuss risk-related issues.

The Audit & Compliance Committee has received confirmation from management that the Bank’s internal controls have been assessed to be effective and are operating as designed, and the Committee is confident that management has taken or is taking the necessary action to remedy any failings or weaknesses identified. The Committee considered, among other things, the correct approach to specific and collective impairment provisions. The Board approved the 2015 annual accounts at the Committee’s recommendation based on the external auditors’ report and the Committee’s view that these accounts are fair and balanced and provide the information required by shareholders to assess the Bank’s performance.

The Committee considers that it made positive progress during 2015 towards meeting its responsibilities.

Looking at 2016

Late in 2015, the Committee approved its schedule for 2016. The 2016 schedule envisages continued focus on the activities of the Internal Audit and Compliance functions and ensuring the adequacy of the Bank’s internal controls and compliance activities. In particular, amongst other things, the Committee will oversee the adoption of IFRS9 and assess its implications for the Bank’s financials. The Committee will continue to coordinate its activities with those of the Board Risk & Credit Committee.

Mohamed Darwish Al Khoori

Chairman of the Board’s Audit & Compliance Committee

02 Corporate Governance Committee

Composition as at 31 December 2015:
Mohamed Ali Al Dhaheri (Chairman), Sheikh Sultan bin Suroor Al Dhahiri, Khalid Deemas Al Suwaidi, Khaled H Al Khoori, Omar Liaqat
Secretary: Rami Raslan

Statement from the Chairman of the Corporate Governance Committee

Dear Shareholders,

During 2015, the Corporate Governance Committee continued to oversee the development of the Bank’s governance framework. In particular, the Committee reviewed the Bank’s governance framework against the Basel Committee’s Guidelines on Corporate Governance (the “Basel Guidelines”). We are pleased to report that the Bank’s governance framework is substantially in line with the Basel Guidelines. The Committee initiated several actions to address areas in which our governance practices are not consistent with the Basel Guidelines and will continue to address these inconsistencies in the future. The Committee believes the Bank has developed a robust governance framework, appropriate for its size and status, but there remains room for improvement.

The Committee also continued to assess the Bank’s development in certain key governance areas, such as subsidiary governance, ethics and compliance, strategy governance and risk strategy, complaints-handling processes, and sustainability and corporate social responsibility. As a result of that evaluation, we oversaw the Board’s implementation of necessary policy adjustments.

The Committee held six meetings over the course of 2015. Among other things, in 2015 the Corporate Governance Committee worked on the following matters:

  • reviewing the Bank’s governance framework against the Basel Guidelines and implementing policy adjustments resulting from that review;
  • reviewing the results of the 2014 Board evaluation and the adoption and monitoring of the action plan arising from it;
  • preparing for the Board’s evaluation for 2015;
  • reviewing and recommending amendments to Board and management committees’ terms of reference;
  • reviewing and recommending amendments to the Bank’s governance policies;
  • engaging the Bank’s divisions and various businesses on the governance framework and providing guidance on enhancing governance practices, with particular focus on subsidiary governance, ethics and compliance, complaints-handling processes, retail investment advice, and strategy governance and risk strategy;
  • reviewing the Bank’s sustainability activities;
  • outlining the Directors’ professional development programmes for 2015;
  • considering corporate governance sponsorships;
  • publishing corporate governance information, including information included in the Bank’s annual reports and on the Bank’s website;
  • monitoring for conflicts of interest; and
  • monitoring best practices in corporate governance and making recommendations to the Board and Board Committees on governance matters.

The Committee considers that positive progress was made during 2015 in the implementation of the Bank’s corporate governance initiatives. The Bank’s ongoing achievements in corporate governance earned us the “Corporate Governance Award — UAE” from World Finance magazine in 2015. The Committee believes that all levels of the Bank, including the Chairman, Board Members, Group Chief Executive Officer, senior management and staff, remain committed to continuous improvement of the Bank’s governance framework.

Looking at 2016

The Committee’s agenda for 2016 reflects our ongoing commitment to raising governance standards across the Bank. The Committee will continue to focus on key governance areas, such as subsidiary governance, and will manage the Bank’s evaluation for 2015, review the results, and initiate any remedial actions that seem warranted. We also will continue to assess the Bank’s framework against the Basel Guidelines and take steps to ensure that any necessary policy adjustments are implemented.

Mohamed Ali Al Dhaheri

Chairman of the Board’s Corporate Governance Committee

03 Nomination, Compensation & HR Committee

Composition as at 31 December 2015:
Mohamed Sultan Ghannoum Al Hameli (Chairman), Eissa Mohamed Al Suwaidi, Abdulla Khalil Al Mutawa, Mohamed Darwish Al Khoori
Joint Secretaries: Ali Darwish, Rami Raslan

Statement from the Chairman of the Nomination, Compensation & HR Committee

Dear Shareholders

During 2015, the Nomination, Compensation & HR Committee continued to focus on the Bank’s Human Resources strategy and policies, remuneration schemes, Board retirements and re-appointments, Emiratisation and succession planning. The Committee met six times during 2015. Among other things, the Committee considered the following:

  • regular updates from the Bank’s Human Resources team;
  • the Bank’s Human Resources strategy;
  • the Board’s composition, including nomination and appointment of Directors, review of the Board election process and a review of Directors’ independence;
  • enchmarking of Directors’ remuneration and fees;
  • CEO performance evaluation and remuneration;
  • the Bank’s remuneration framework, including fixed and variable pay, retention awards and performance recognition awards;
  • succession planning;
  • an overview of the Bank’s key Human Resources policies;
  • the Bank’s Emiratisation strategies, including case studies and presentations and meetings with emerging UAE national staff; and
  • contributions of the Board Adviser.

The Bank’s Emiratisation strategy and variable remuneration remained key focus areas.

The Committee spent considerable time on the matter of management remuneration. In particular, the Committee considered external benchmarking, reviewed variable pay schemes for effectiveness and risk, reviewed the Bank’s public reporting on remuneration practices, provided guidance for pay reviews, and reviewed awards under the Bank’s performance recognition and retention schemes. In addition, the Committee commissioned a consultant to review the Bank’s remuneration policies in light of emerging global trends. As a result of that review, the Committee believes the Bank’s remuneration policies remain appropriate for the Bank’s current size and status, and that our remuneration governance adheres to global best practices. In particular, the Committee continues to believe the remuneration framework has been effective in attracting and retaining talent; is effectively linked (in both design and scale) to the Bank’s long-term performance, KPIs and strategy; and is likely to continue to be effective. Although management has some limited discretion to distribute variable pay, this is exercised only within and following the Committee’s oversight of allocations amongst business groups, staff grades, risk-takers and control staff. Overall, the Committee aspires to ensure that payments reward Bank-wide and Group-wide performance, and do not reward under-performance.

The Committee also considered:

  • policies to ensure full support of Government-sponsored initiatives, such as National Service;
  • improvements to the Bank’s talent-acquisition model; and
  • the development of the Bank’s learning and development programmes, including Ambition University and the Emirati Graduate Development Programme.

The Committee was fully supportive of the steps taken to guarantee the performance ratings and benefits of employees who are enlisted for National Service.

The Committee considers that it made positive progress during 2015 towards meeting its responsibilities.

Looking at 2016

In 2016, the Committee shall continue to fulfil its governance responsibilities. Among other things, we will continue to focus on the Bank’s Emiratisation strategy, the design and effectiveness of the Bank’s remuneration schemes, and HR policies and activities.

Mohamed Sultan Ghannoum Al Hameli

Chairman of the Board’s Nomination, Compensation & HR Committee

04 Risk & Credit Committee

Composition as at 31 December 2015:
Eissa Mohamed Al Suwaidi (Chairman), Mohamed Sultan Ghannoum Al Hameli, Khaled H Al Khoori, Aysha Al Hallami, Abdulla Khalil Al Mutawa
Secretary: Rami Raslan

Statement from the Chairman of the Risk & Credit Committee

Dear Shareholders,

During 2015 the Risk & Credit Committee had a slightly different focus than in 2014. We spent more time considering risk strategy, risk appetite and risk analysis, and less time reviewing credit decisions. In particular, the Committee discussed risk strategies on both an aggregated level and by type of risk; considered credit concentrations, liquidity, asset quality and the Bank’s performance against its risk appetite; and reviewed risk-related policies, procedures and tolerances. The Committee continued to play a role in evaluating high-level credit decisions, but spent less time making credit decisions overall because the Board extended management’s authority to make such decisions. Whilst focusing on the Bank’s current and future risk appetite and overseeing senior management’s implementation of the risk strategy, the Committee recognises that it will need to retain some involvement with credit decisions on an ongoing basis.

The Committee held 28 meetings in 2015, during which it:

  • reviewed risks in the Bank’s asset portfolios;
  • considered various risk policies, including policies relating to Islamic lending, real estate lending, mortgages, credit ratings, syndications, liquidity, leveraged investments, compliance risk, fraud risk and market risks;
  • considered the Bank’s operational risks and operational risk reporting;
  • considered the outcome of stress tests conducted on various key portfolios, and ensured that those outcomes are incorporated into risk-appetite reviews, capital adequacy assessments, budgets, and capital and liquidity planning;
  • examined the actual risks and control deficiencies in the Bank;
  • analysed the formulas, inputs and assumptions used for various risk metrics;
  • considered the Bank’s appetite for risk, concentration limits and tolerances in various sectors (such as GREs in Abu Dhabi, Dubai and the region) and countries, and in foreign exchange and derivative transactions;
  • assisted the Board in defining the Bank’s risk appetite and risk strategy, and monitored the independence and effectiveness of the Bank’s risk management functions;
  • ensured that management has implemented processes to promote the Bank’s adherence to the approved risk policies;
  • monitored the Bank’s liquidity;
  • ensured the adequacy of infrastructure, resources and systems to maintain a satisfactory level of risk-management discipline;
  • considered the Bank’s capital adequacy assessment process, including its ICAAP methodology; and
  • considered its agenda for 2016.

The Committee considers that it made positive progress during 2015 towards meeting its responsibilities.

Looking at 2016

The Committee’s schedule in 2016 contemplates a continuing focus on risk strategy, appetite and analysis to take into account prevailing economic, financial and political circumstances. The 2016 schedule contemplates nine meetings focused exclusively on risk strategy and policy issues. As noted above, the Committee expects to retain some involvement in credit decision making in view of the nature of the local market as well as certain regulatory requirements. However, the primary focus in 2016 will continue to be on oversight of the Bank’s risk governance framework, risk appetite and strategy, and review of the Bank’s risk policies and practices.

Eissa Mohamed Al Suwaidi

Chairman of the Board’s Risk & Credit Committee

Directors’ Shareholdings as at 31 December 2015

Board Remuneration

Directors’ remuneration is set annually by the Bank’s shareholders. Any proposals for changes are considered by the Nomination, Compensation & Human Resources Committee prior to obtaining Board and shareholder approvals. According to federal laws and the Bank’s articles of association, Directors may not receive any remuneration in years when the Bank does not achieve net profits.

As at 31 December 2015, the Bank’s Directors were not eligible for any bonus, long-term or other incentive schemes. Directors do not receive any pension benefits from the Bank.

The following table shows the amounts paid to the Directors for their service on the Board and its Committees in 2015.

Remuneration and Reward

Guiding Principles

ADCB supports levels of remuneration necessary to attract, retain and motivate employees capable of leading, managing and delivering quality service in a competitive environment. However, our remuneration structure is conservative, and we have practices and policies that promote effective risk management. To that end, ADCB structures remuneration packages so they reflect duties and responsibilities, are fair and equitable, and incorporate clear and measurable rewards linked to corporate and individual performance. Rewards are based only on the results of a rigorous performance appraisal system with a robust management decision-making, review and approvals process.

As far as possible, bearing in mind market trends and constraints, our remuneration programme incorporates both short- and long-term incentives that align the interests of ADCB’s employees with the interests of shareholders and other stakeholders. Performance-related elements are designed to minimise employee turnover and to inspire employees to perform at the highest levels, consistent with effective risk management.

Total Reward — Key Components

As shown in the following table, employees potentially can receive three types of reward at ADCB: fixed pay, variable pay and retention scheme.

ADCB’s Bank-Wide Variable Pay Framework

The NCHR Committee oversees the allocation of variable pay awards and retention awards, including overall amounts, distribution amongst business groups and actual awards to senior management (including senior material risk-takers and senior members of the Bank’s control functions). The Bank’s Finance & Risk groups are involved in setting and reviewing the criteria used to measure performance. Formula-based awards rely on adjusted revenues and may be fine-tuned based on risk assessments as well as the source, quality and sustainability of revenues generated.

ADCB’s Variable Pay Framework & Governance — Key Facts

Islamic Banking Governance

ADCB Islamic Banking is the brand under which we offer retail and corporate Shari’ah-compliant financial solutions to our Consumer, Wholesale and Treasury clients.

Abu Dhabi Commercial Islamic Finance PJSC (ADCIF) is a wholly owned subsidiary of ADCB that complements ADCB Islamic Banking by providing Islamic banking products and services.

Both ADCB and ADCIF are regulated by the Central Bank of the UAE, and their Islamic banking activities are supervised by an independent Fatwa & Shari’ah Supervisory Board (FSSB). The FSSB operates in accordance with the standards and guidelines issued by the Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB), and is the final authority within ADCB regarding all Shari’ah-related matters. ADCB Islamic Banking’s Shari’ah governance is implemented and overseen by the Head of Shari’ah Advisory, Compliance and Quality Control.

Fatwas (pronouncements and approvals) are issued by the FSSB to certify compliance with principles of Shari’ah for all products and services as well as for bespoke structured deals. The FSSB’s comprehensive review covers the product structure, the underlying Shari’ah contract, legal documentation, operational process flow and all associated product literature. Fatwas issued by the FSSB are published on the Bank’s website and are available at all branches.

ADCB Islamic Banking maintains a separate set of financial records to ensure that the accounts for the Islamic business are completely segregated from ADCB’s conventional funds. The Bank’s consolidated accounts include the results of ADCB Islamic Banking along with ADCIF, and these items are separately disclosed in the notes.

The respected Shari’ah scholars in Islamic banking and finance introduced below make up the FSSB of ADCB Islamic Banking.

Professor Jassem Ali Al Shamsi, Chairman

Professor Jassem is the first Emirati Shari’ah scholar to lead the FSSB of ADCB Islamic Banking. He previously served as Dean of the College of Shari’ah and Law, UAE University. In addition, he chairs or is a member of many other FSSBs for Islamic banks/windows and financial institutions (FIs).

Sheikh Dr. Nizam Yaqubi, Executive Member

Sheikh Dr. Nizam is one of the most prominent Shari’ah scholars in the world, and is recognised globally since he chairs or is a member of the FSSB at several regional and global Islamic banks and FIs. He is known for his profound knowledge of banking and Shari’ah coupled with a progressive approach towards modern banking solutions.

Dr. Humayon Dar, Member

Dr. Dar holds a PhD in Economics from the University of Cambridge, UK, and is an expert in the field of Islamic banking and finance. He is a member of the FSSB at several Islamic banks and FIs.

Mr. Kamran Khalid Sherwani, Secretary

Mr. Kamran is Head of Shari’ah Advisory, Compliance and Quality Control at ADCB Islamic Banking. He provides Shari’ah guidance on all day-to-day Shari’ah-related matters and obtains FSSB guidance and approvals in respect of each product, service, process and transaction and other Shari’ah-related matters. Mr. Kamran received a degree in Shari’ah and Law from the International Islamic University, and he has served as Shari’ah advisor to several major Islamic banks and FIs.