Al Hilal Bank
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| Industry | Banking |
|---|---|
| Founded | June 19, 2008 as al hilal bank[1] |
| Headquarters | Abu Dhabi, UAE |
| Key people |
Mr. Mohamed Jamil Berro, CEO |
| Website | alhilalbank.ae |
Al Hilal Bank (Arabic: مصرف الهلال) is a 100% government-owned Islamic bank in the United Arab Emirates (UAE) based in Abu Dhabi. It currently provides Islamic Personal, Corporate, Treasury, Investment, and Wholesale banking services to almost 40,000 customers (97% Retail, 3% Corporate). Al Hilal Bank operates 19 branches[2] and over 100 ATMs across the UAE and 2 branches in Kazakhstan. It manages the Al Hilal GCC Equity Fund and owns the ‘Mall Branch,’ the world’s largest banking branch.
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[edit] History
The Abu Dhabi Investment Council (ADIC), an investment arm of the Abu Dhabi Government, founded Al Hilal Bank in 2008 with an authorized capital of AED 4 billion out of which AED 1 billion was paid up. The paid up capital was at AED 2 billion as of December 31, 2010.
The bank formally opened after four months, launching its first four branches in the UAE on June 19, 2008. After only six months of operation, Al Hilal Bank won for “Best Customer Experience”[3] at the 2008 Middle East Retail Banking Awards and was ranked 10th in customer satisfaction among 29 banks in the UAE by Ethos Consultancy[4]. It was also named “Best New Bank” for 2008.
[edit] Al Hilal Group
Al Hilal Group comprises three adjunct Al Hilal Bank units:
[edit] Al Hilal Takaful
Al Hilal Takaful rovides a wide range of customized "Takaful" Islamic insurance products covering the Property, Liability, Engineering, Marine, Aviation, Special Lines, Motor and Medical businesses.
Takaful or Islamic insurance adopts a cooperative principle and separates between the funds and operations of shareholders. Premiums collected from policyholders are considered as donations and constitute the Takaful fund from which all claims are reimbursed. At the end of each financial year, after deduction of expenses, any remaining cash surplus will not be retained by the company or its shareholders, but returned to the policyholders in the form of cash dividends or distributions. Takaful business thus differs from conventional insurance in that the policyholders rather than the shareholders solely benefit from the profits generated from Takaful and Investment assets.
[edit] Al Hilal Auto
Al Hilal Auto offers one-stop finance solutions for automobiles under a ‘Walk In Drive Out’ program. Customers can avail of vehicle registration, takaful insurance, in-house credit analysis and even drive off with their new cars within an hour if they bring along the proper documentation. The Al Hilal Auto unit is located within Al Hilal Bank’s Mall branch at the Corniche in Abu Dhabi.
[edit] Al Hilal Kazakhstan
Al Hilal Kazakhstan is the first Islamic bank in the Republic of Kazakhstan and Al Hilal’s first branch outside of the UAE. Another branch has been added in 2011; the two branches operate in the cities of Almaty and Astana.
[edit] Financial Mall
Al Hilal Bank’s innovative Mall Branch located at Al Sahel Tower in Abu Dhabi’s Corniche area is the world’s largest banking branch. Covering almost 4,000 square metres, the facility incorporates several aspects of the shopping mall throughout its design and offering.
The branch includes a Ladies’ Banking suite, Youth and Children’s Sections, a VIP Zone, an airline desk, a kiosk for state telecommunications firm Etisalat, the Al Hilal Auto showroom, and a coffee shop.
[edit] Awards and Achievements
- “Best Customer Experience” – 2008 Middle East Retail Banking Awards[5]
- Ranked 10th in Customer Satisfaction among 29 UAE banks by Ethos Consultancy (2008)[6]
- “Best New Islamic Bank”
- “Best Retail Bank” - 5th Annual Islamic Business and Finance Awards (2010)
- “Best Commercial and Corporate Bank in the UAE”
- “Best Structure Banking Award in Arab Region”
- “Best Technical Banking Award in the Arab Region”
- “Best PAN Arab Web Award”
- “Best Retail Bank Award”
