ADIB

“Innovation and Technology”

Name : Mayada jasim

ID : H00493853

2023

1|Page
2|Page
Introduction to the company:
Established as a public joint stock company on May 20, 1997, Abu Dhabi
Islamic Bank is an Emirati bank that was founded on the basis of Emiri
Decree No. 9 of 1997, which was issued by State President Khalifa bin
Zayed Al Nahyan. Since November 11, 1998 AD, the bank has offered a
variety of high-level banking services and products, including financing
services and different bank account services. The bank opened for
business on April 18, 1999. One billion UAE dirhams, or 273 million US
dollars, was the authorized and subscribed capital of the bank. This
capital was split into 100 million shares, each of which had a nominal
value of 10 dirhams. These shares are common stock.
The innovations addressed:
Abu Dhabi Islamic Bank uses financial technology, or what is known as
FinTech. This advanced technology has brought about a major
revolution in the bank’s transactions, as these technologies have
changed the methods and concepts of shopping and transferring
money, investments and loans. Part of these technologies is also linked
to what is known as the world of cryptocurrencies, of which Abu Dhabi
Islamic Bank is one of the pioneers in the United Arab Emirates.

3|Page
Initiatives by the company:
 ADIB PAY
introducing ADIB PAY, the first electronic payment service of its sort in
the area, in collaboration with payment card provider Visa and financial
technology startup Tabby, which provides tokenization services.
Now, without having to
carry a physical plastic
card, Abu Dhabi Islamic
Bank Visa users can
make contactless
purchases with rings,
embellishments on
bracelets, or watches in
particular. This
transforms numerous
wearable wristbands,
watches, or rings into
smart payment devices
by utilizing the ADIB PAY
device for contactless
payment. Initially, a
limited number of clients
would receive the ADIB
PAY device.
https://www.adib.ae/en/pages/news_details.aspx?id=406 .

4|Page
  opening a digital account using facial recognition technology
Abu Dhabi Islamic Bank has announced the development of a tool that
enables small and medium-sized businesses to open a Business Connect
account digitally through a mobile device. This eliminates the need for
these businesses to visit any bank branch, submit any paperwork, or
sign any paperwork. As a result, Abu Dhabi Islamic becomes the first
bank in the UAE to offer businesses the option of remotely opening a
digital account by utilizing facial recognition technology to quickly and
securely implement the verification process, allowing businesses to
open new bank accounts in the UAE in less than a day.

https://www.adib.ae/en/pages/current-account-via-mobile-app.aspx

5|Page
  online banking services
Abu Dhabi Islamic online banking services allow you to access your
account information, process your transactions, pay bills, and report a
lost or stolen bank card. In addition to being safe and providing you
privacy, it is also convenient and easy to use.
Here is the range of services you can get by using our online banking
services:
Inquiry about your account balance - Transfer money around the world
super fast - Get an account statement - Transfer money between your
accounts - Pay your bills:
Telecom
GSM line by post
Wasel line renewal
Refill your Wasel line
Landline
Internet
Electricity and water bills (Abu Dhabi and Al Ain)
Providing us with comments, suggestions and complaints.

https://www.adib.ae/en/pages/personal_services_internet_banking.
aspx
6|Page
Experience and future plans:
By concentrating on cutting-edge and practical technological solutions,
Abu Dhabi Islamic Bank aims to increase its market share and produce
robust financial results. It also aims to broaden the range of financial
technology services it offers in order to sustain the steady expansion of
its business. As a result, the bank signed several robust guidelines that
were The most crucial one is agreeing to a system that would enhance
remote banking transactions and be signed by Visa, a global leader in
digital payments. Additionally, a collaboration with "DenekB," a
financial technology business, was reached in order to provide
customers in the Emirates with more choices for digital payments.
Through this agreement, Abu Dhabi Islamic Bank will enable residents
of the United Arab Emirates to instantly create a digital prepaid Visa
card if they have an account registered with "DenekB." The platform
offers contactless payment choices that give users a quick and safe
experience, as well as prepaid digital solutions that let users move
money online. In keeping with the bank's desire to offer its clients a
wider range of services, users with "DenekB" registered accounts can
also make payments utilizing near-field communication (NFC)
technology and quick response codes (QR).

7|Page
Organizational innovation:
Because Abu Dhabi Islamic Bank embraces technology, it looks to take
advantage of any opportunity that can strengthen its position as a
leader in the banking industry. By organizing specialized technology
events in the banking industry, it constantly aims to prepare for the
future of financial technology. This allows it to stay up to date with
advancements in the sector and create a distinctive banking
experience. According to its clientele, it is a big supporter of the Dubai
International Financial Center's "FinTech Hive" initiative, a financial
technology accelerator established with the goal of fostering the
expansion and advancement of the Emirates' financial technology
sector.
Reflection:
I learned many thing from this research:
First, let's discuss financial technology, or FinTech.
It is any technology innovation used in the financial services industry to
provide financial services and influence financial institutions and
markets. The natural result of modern technology being used in
conjunction with financial processes is financial technology.
Second, the significance of financial technology is as follows:

8|Page
- Financial inclusion, since the ease of access to financial services
provided by financial technology apps has already assisted millions of
customers in becoming financially integrated.
- cutting down on the time and expenses associated with banking
operations. These are the setups needed for different banking
operations that arise from automating several banking activities and
minimizing the need for human interaction in those operations. In
contrast to traditional financial transactions, banks may now provide
their clients affordable, practical, secure, and user-friendly banking
services thanks to financial technology.

9|Page
 Conclusion:
Company Name:
Name and ID:
Introduction to the company:
Present shortly the company including
name, industry, locations, products,
customers and size of the company.
The innovations addressed:
Explain in one chapter how the company is
using advanced technologies or
innovations in their operations.
Initiatives by the company:
Give minimum 3 examples of projects or
new products that the company has come
up with in the last two years.
Present evidence:
Present your evidence (newspaper articles,
emails, announcements, projects,
partnerships…). Give each section of
evidence a title.
Experience and future plans:
What challenges has the company faced in
using technologies? What future plans do
they have?
Organizational innovation
How is the company ensuring that it will
continue to be innovative in the future?
How are employees contributing to
innovations?
10 | P a g e
ADIB
1. Established as a public joint stock company
2. he bank has offered a variety of high-level banking
services and products
3. One billion UAE dirhams, or 273 million US dollars, was
the authorized and subscribed capital of the bank
 Abu Dhabi Islamic Bank uses financial technology, or
what is known as FinTech. This advanced technology
has brought about a major revolution in the bank’s
transactions, as these technologies have changed the
methods and concepts of shopping and transferring
money, investments and loans
 ADIB PAY
 using facial recognition technology
 online banking services
 Evidence
https://www.adib.ae/en/pages/news_details.aspx?id=4
06
 Evidence
https://www.adib.ae/en/pages/current-account-via-
mobile-app.aspx
 Evidence
https://www.adib.ae/en/pages/personal_services_inter
net_banking.aspx
Abu Dhabi Islamic Bank aims to increase its market share and
produce robust financial results. It also aims to broaden the
range of financial technology services it offers in order to sustain
the steady expansion of its business
 it is a big supporter of the Dubai International
Financial Center's "FinTech Hive" initiative, a financial
technology accelerator established with the goal of
fostering the expansion and advancement of the
Emirates' financial technology sector.
11 | P a g e