The United Arab Emirates and India are setting up a joint financial institute in Dubai to provide Indians in the Gulf with Internet banking and monetary services.
The Al-Itihad Financial Group, a sub-division of the International Bank Group of the UAE and India's I.C.I.C.I Banking Group, one of the largest in India, agreed to establish Adma, a financial service company for Indian nationals working in the Gulf.
Adam, whose headquarters will be in Dubai's Internet City, is expected to open its doors in October.
Al-Itihad director, Surrich Kumar said Adma would provide financial services such as property loans, stock funds, bonds, and other banking services through the Internet.
Kumar said the Indian community in the Gulf is one of the largest foreign communities and many Indian businessmen are in need of financial institutions that would invest their money back home.
Adma's primary service is to employ exile capital back in India through investment funds, stocks, and bonds.
The UAE International Bank Group would provide Adma clients with cash wire transfers, account updates and all standard-banking services.
The I.C.I.C.I Groups, which is registered on the New York Stock Exchange, is worth $18 billion and provides services to one million clients. Some 20 percent of 200,000 clients do their banking with the group through the Internet, said Shundara Kushar, chief director of the I.C.I.C.I Groups.
Kushar said the group has 35,000 bank accounts for Indians living abroad worth $200 million. –(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
