KUALA LUMPUR Oct 8 The National Bank of Abu
Dhabi, the second-largest bank in the United Arab
Emirates (UAE) by assets, plans to triple its contribution from
Islamic banking by introducing sharia-compliant services in
Egypt, Oman and Malaysia.
NBAD aims to derive up to 10 percent of its operating income
from Islamic banking by 2020, from 3 percent presently, chief
executive Michael Tomlin told reporters at the launch of its
Malaysian subsidiary on Monday.
NBAD has invested 310 million ringgit ($101.49 million) in
paid-up capital to establish a wholly-owned subsidiary in
Malaysia where it will focus on conventional products for
NBAD issued a 500 million ringgit sukuk, or Islamic bond, in
Malaysia two years ago that earned a coupon rate of 4.9 percent
after its orderbook was oversubscribed by more than two times.
NBAD is 70.5 percent owned by the government of Abu Dhabi
and recently expanded into Malaysia and China, taking its global
presence to 14 countries. Contribution from its overseas
businesses rose to 28 percent in the first half of 2012,
compared to 16.3 percent last year.
($1 = 3.0545 Malaysian ringgit)
(Reporting By Al-Zaquan Amer Hamzah; Editing by Matt Driskill)