IFZA, one of Dubai’s most dynamic free zone communities, has entered into a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE. This strategic partnership aims to provide seamless support and innovative financial solutions to businesses within the IFZA ecosystem, with a shared focus on economic growth and entrepreneurial success in the UAE.
The MoU was signed in a ceremony at IFZA’s premises, with Jochen Knecht, CEO of IFZA, and Amit Malhotra, Global Head of Retail Banking at ADIB, in attendance. Under the agreement, businesses incorporated within the IFZA ecosystem will have access to ADIB’s range of banking services, including a streamlined account opening process, exclusive financing options, and personalized advisory support. This collaboration is designed to empower businesses to thrive within the UAE’s dynamic business environment.
Trade license holders within the IFZA community will be able to access a variety of business banking products, including a broad selection of business accounts with attractive features and benefits. The partnership also provides a comprehensive suite of digital banking solutions tailored specifically for SMEs. By leveraging ADIB’s banking expertise, IFZA is reinforcing its mission to be a one-stop solution for global entrepreneurs and investors.
Jochen Knecht, CEO of IFZA, remarked, “We have always focused on creating a supportive environment for businesses. This partnership with ADIB aligns with our vision to provide comprehensive financial solutions that meet the evolving needs of our partners. It reinforces our commitment to unlocking new opportunities for IFZA licensees.”
Amit Malhotra, Global Head of Retail Banking at ADIB, stated, “At ADIB, we are dedicated to supporting the UAE’s entrepreneurial ecosystem by offering innovative, Sharia-compliant financial solutions. This partnership with IFZA underscores our commitment to simplifying banking and empowering businesses to thrive. Together, we aim to foster economic growth and create value for entrepreneurs in the UAE.”
The collaboration is designed to simplify business processes for IFZA license holders, accelerating account setups and easing documentation requirements. It also provides customized financing solutions, supported by dedicated teams offering strategic insights into the financial landscape.
Research from IDnow and YouGov reveals that 76% of UAE residents prefer a fully digital bank account opening process, with this figure rising to 85% among higher income groups. As the UAE continues to attract global entrepreneurs and investors, such partnerships are essential to strengthening its position as a premier business destination. Combining IFZA’s robust Free Zone infrastructure with ADIB’s financial expertise, this partnership aims to provide businesses with the tools needed for sustained growth and success.
