• ADIB will have access to AI – Based platform to automate the screening of financial transaction 

• Partnership integrates strongly with ADIB’s existing robust compliance program

Abu Dhabi/Singapore: 27 June 2024:

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced a strategic partnership with Silent Eight, a pioneering RegTech company that offers comprehensive solutions across the compliance workflow through an AI and machine learning platform designed to identify and prevent financial crime.

The partnership entails ADIB automating the alert screening investigation process to improve the efficiency, accuracy and auditability of the bank's compliance operations. The implementation of the platform will significantly reduce the volume of false positive alerts without the need for human intervention, achieving 100 percent accuracy, transparency, and auditability. The solution uses natural language processing and machine learning to replicate human reasoning and decision-making based on historical alert data and continuous learning. This will reduce reliance on human investigators, lower operational costs and enhancing the customer experience by minimizing the delays and requests for information caused by false positive alerts.

This collaboration perfectly aligns  with ADIB’s vision of becoming the most innovative Islamic bank. It promises to enhance operational efficiencies and response rate, both crucial steps in achieving our short-term and long-term goals. At 

Silent Eight's solutions will be integrated into ADIB's operations and are set to launch in September 2024. ADIB expects to see substantial improvements in its compliance operations, with enhanced efficiency and accuracy, thereby reinforcing its commitment to financial integrity and innovation. 

“We are delighted to be working with ADIB, which is guided by Islamic finance values, principles of responsible corporate citizenship, and a strong belief that banking solutions should always be simple, fair, and transparent,”
said Ben Rayner, SVP, Silent Eight. 

“Our adjudicator for name screening will further augment ADIB’s robust digital banking solutions, providing faster and better service to their customers, while improving their compliance and reporting operations.”
He added.

About ADIB

ADIB is a leading bank in the UAE with AED 195 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. 

ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has a strong presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.

Named World’s Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.

About Silent Eight

Silent Eight is a technology company that partners with financial institutions to create solutions blending the best of humans and the best of technology, leveraging artificial intelligence. Silent Eight's solution, automates the alert screening, investigation and adjudication process by replicating human reasoning and decision making based on historical case data and continuous learning. Silent Eight enables financial institutions to reduce false positives, increase accuracy, and enhance auditability of their compliance operations. Silent Eight works with some of the largest banks and insurance companies in the world, including Standard Chartered, HSBC, and First Abu Dhabi Bank. Silent Eight is headquartered in Singapore and has offices in New York, London, Warsaw, and Bangalore. For more information, visit www.silenteight.com.

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For media information, please visit www.adib.ae or contact:

ADIB - Lamia Khaled Hariz
Head of Public Affairs
Direct: +971 2 6927427
Mobile: +971506824207

Edelman - Simon Hailes
Director of Financial Communications
Mobile: +971 50 973 1173

For further information on Silent Eight, please contact:

Ryan Dicovitsky / Emily Burnham
Dukas Linden Public Relations
silenteight@DLPR.com

Silent Eight - Ben Rayer
VP UKI&MEA
ben.rayner@silenteight.com