Abu Dhabi Islamic Bank ECONOMIC

Supply Chain & Sourcing Relationships

• ADIB publicly offers global transaction-banking and trade-finance solutions, but the reviewed materials do not identify Israeli suppliers, Israeli-origin product categories, or an Israel-linked importer-of-record structure.^{1, 2}
• Its posted documentary-credit terms require applicants to certify that a letter of credit does not contravene regulations issued by the Israel Boycott Office.³
• This contractual condition documents the form of ADIB’s published compliance terms, rather than a confirmed Israeli transaction, counterparty, facility issuance, or facility refusal.³
• Its posted guarantee and standby-letter-of-credit terms contain a materially similar Israel Boycott Office certification condition.⁴
• Neither published terms document identifies a transaction, applicant, Israeli counterparty, facility issuance, refusal, volume, or application date; their application after 19 July 2024 or November 2024 is unknown.^{3, 4}
• No public evidence identified of ADIB acting as a direct purchaser, importer of record, retailer, distributor, white-label counterparty, or seasonal buyer of Israeli agricultural goods.^{3, 2}

Product Origin, Labeling & Regulatory Compliance

• The reviewed ADIB disclosures and public materials do not identify sales, sourcing, labelling, or regulatory findings involving Israeli-origin or settlement-origin consumer products.^{1, 3, 4, 2}
• No public evidence identified of an ADIB corporate policy specifically addressing sourcing or origin labelling for occupied territories.^{1, 3, 4, 2}
• The Israel Boycott Office clauses do not state their original adoption date, transaction volumes, individual beneficiaries, or whether they were applied after 19 July 2024 or November 2024.^{3, 4}

Investment, Capital & Financial Exposure

• On 16 September 2020, ADIB and Israel’s Bank Leumi announced that they had signed a memorandum of understanding (MoU) to explore areas for future cooperation in the UAE, Israel, and other international markets.^{5, 6}
• ADIB stated that the MoU would enable the banks to work together on cash-management, trade-finance, corporate-account, and foreign-exchange services, and described prospective users as organisations in the UAE and Israel, including retail and corporate customers travelling to or opening businesses in Israel.⁵
• The primary materials establish a signed exploratory arrangement and proposed service categories, not binding economic obligations or implementation: they do not disclose committed capital, committed lending or trade-finance amounts, opened accounts or facilities, fees, revenue, executed transactions, term, exclusivity, volume targets, conditions precedent, named customers, or actual end beneficiaries.^{5, 6}
• The available announcement does not state whether the MoU itself was legally binding or non-binding.⁵
• The reviewed record contains ADIB’s public announcement rather than the underlying signed MoU text; no executed instrument, annex, term sheet, implementation plan, or regulatory approval was identified in the reviewed materials.^{5, 6}
• No public evidence identified, following the targeted research and review of the 2025 annual report, of performance, renewal, expiry, termination, a continuing correspondent relationship, account opening, facility, or transaction arising from the September 2020 MoU.^{1, 5, 6}
• The absence of a later identified disclosure does not verify cessation, expiry, or termination of the MoU or of any relationship between the banks.^{1, 5, 6}
• No public evidence identified of a downstream MoU-generated transaction, capital deployment, credit facility, trade-finance drawdown, revenue, Israeli operating investment, or settlement-enterprise activity.^{5, 6}
• The MoU therefore supports the limited attribution that ADIB and Bank Leumi proposed future cross-market banking cooperation; it does not document a completed downstream result supporting the Israeli economy or settlement enterprise.^{5, 6}
• ADIB’s 2025 financial statements report investment geography in aggregate categories - UAE, Rest of the Middle East, Europe, and Others - without separately identifying Israel.¹
• The aggregate disclosure does not separately report Israeli sovereign debt, Israel Bonds, Israeli equities, Israeli defence companies, or OHCHR-listed companies, so Israel-specific exposure cannot be inferred from it.¹
• No public evidence identified that ADIB underwrote or lead-arranged Israeli sovereign debt, Israel Bonds, or war bonds, or provided a disclosed facility to an Israeli defence prime or OHCHR-listed company.¹
• The public 2025 reporting does not provide counterparty-level schedules for securities, loans, trade finance, correspondent banking, or fund holdings that could confirm or exclude Israeli exposure.¹

Operational Presence & Market Activity

• ADIB’s 2025 report identifies 61 UAE branches and three overseas branches, in Iraq, Qatar, and Sudan.¹
• The same report identifies subsidiaries in the UAE, Egypt, the United Kingdom, and the British Virgin Islands, while not identifying Israel, the West Bank including East Jerusalem, or the Golan Heights as operating geographies.¹
• This disclosure is not evidence of a database-wide absence of Israeli activity.¹
• No public evidence identified of an ADIB office, branch, support centre, warehouse, retail site, workforce, tax registration, or stated market strategy in Israel, the West Bank including East Jerusalem, or the Golan Heights.¹
• The Central Bank of the UAE lists ADIB as a locally licensed fully Islamic bank.⁷

Corporate Structure & Foundational Ties

• Abu Dhabi Islamic Bank PJSC is a UAE public joint-stock company incorporated in the Emirate of Abu Dhabi under Amiri Decree No. 9 of 1997, with its registered office in Abu Dhabi.¹
• The 2025 consolidated group is described as the Bank, its head office, branches, and subsidiaries, and the cited legal-status and consolidation disclosures do not identify an external corporate parent.¹
• The direct-subsidiary disclosure lists ADIB–Egypt, Abu Dhabi Islamic Securities Company LLC, Burooj Properties LLC, MPM Properties LLC, ADIB Invest 1, Kawader Services LLC, ADIB (UK) Limited, and ADIB Capital Ltd, with entities in Egypt, the UAE, the British Virgin Islands, and the United Kingdom.¹
• ADIB–Egypt’s shareholder disclosure states that ADIB held 638,450,068 shares, or 53.2%, as at 31 December 2025.⁸
• No Israeli-incorporated operating subsidiary or Israeli acquisition appears in the 2025 consolidated-subsidiary list.¹
• ADIB’s shareholder-structure page identifies Emirates International Investment Company LLC as holding 1,431,110,701 shares, or 39.40%, and Emirates National Bank of Dubai PJSC as holding 246,223,389 shares, or 6.78%, as at 31 December 2025; it states that no other investor directly held more than 5%.⁹
• ADIB’s Q4 2025 investor presentation presents a different ownership-chart breakdown - 46.18% Emirates International Investment Company, 32.25% other UAE nationals, and 21.56% foreign ownership - and does not identify ultimate beneficial owners or explain the difference from the registered-shareholder table.¹⁰
• ADIB’s board for 2025 comprised Jawaan Awaidha Suhail Al Khaili, Faisal Sultan Naser Salem Al Shuaibi, Khalifa Mazur Al Mehairi, Najib Youssef Fayyad, Abdullah Ali Musleh Jumhour Al Ahbabi, Abdul Wahab Al Halabi, and Maha Mohammed Al Qattan.¹
• Shareholders elected those seven directors for a three-year term at the 10 March 2025 annual general meeting, and Mohamed Abdelbary became Group Chief Executive Officer effective 30 October 2024.^{11, 12}
• ADIB’s leadership disclosure identifies external roles held by Chairman Jawaan Al Khaili and director Najib Fayyad, but those roles do not by themselves evidence Israeli investments or activities.¹³
• No public evidence identified in the reviewed corporate records of Israeli incorporation, headquarters, tax residency, Preferred Technology Enterprise status, state ownership, government board appointments, critical-infrastructure designation, Israeli operational locations, or governance arrangements structurally tying ADIB to the Israeli state or its policy objectives.^{1, 9, 10, 13}
• The reviewed corporate-record finding is source-scoped and does not establish a comprehensive registry-wide absence of Israeli activity or holdings.¹

Profit Repatriation & Economic Contribution

• ADIB’s reviewed 2025 reporting does not identify Israel-specific revenue, profit attribution, tax contribution, dividend flow, or sector significance, because its geographic reporting is aggregated rather than country-specific.¹
• No public evidence identified that ADIB profits flow into Israel through Israeli-domiciled ownership, or that Israel-generated ADIB profits are repatriated to a foreign parent.^{1, 9, 10}
• The reviewed disclosure refers to related-party transactions involving a “major shareholder,” but the retrieved material does not name that shareholder or provide a verified beneficial-owner list or ownership chain for significant holders.¹
• The available reporting therefore does not establish an Israel-linked ownership pathway for ADIB distributions or retained earnings.^{1, 9, 10}
• No public evidence identified in the bounded review of personal or family-office investments in Israeli companies by ADIB’s directors, Group CEO, or identified significant shareholders.^{1, 9, 10, 13}