The new Islamic bank established by Abu Dhabi Financial Group (ADFG) and GFH Financial Group has commenced operations in Abu Dhabi’s financial free zone, it said on Monday.
ADCorp becomes the first Islamic finance institution to start operating within Abu Dhabi Global Market (ADGM), and follows ADGM’s decision on July 4 to allow the bank to operate as a Category 5 Islamic financial institution under the free zone’s regulations.
The move also follows ADCorp’s successful $100 million capital raise earlier this year, and the board is considering increasing the capital to $150 million, the bank said.
ADCorp provides banking services including Sharia-compliant corporate finance, wealth and asset management.
Jassim Alseddiqi, executive chairman of ADCorp, said: “We have a strong team of qualified professionals with vast experience in Islamic banking and asset management, and are confident of adding further depth and value to this world-class Islamic financial institution.”
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