ABU DHABI, 17th July, 2017 (WAM) -- ADCorp announced on Monday the launch of its operations in Abu Dhabi Global Market, making it the first Islamic financial institution located in ADGM.
Making the announcement, Jassim Alseddiqi, Executive Chairman of ADCorp, said, "We are pleased with the launch of operations at ADCorp after having received the relevant regulatory approvals. We have a strong team of qualified professionals with vast experience in Islamic banking and asset management, and we are confident of adding further depth and value to this world-class Islamic financial institution." The move follows the ADGM Financial Service Regulatory Authority’s (FSRA) decision on 4th July, 2017, to allow ADCorp to operate as a Category 5 Islamic financial institution.
Following the successful capital raising of US$100 million and due to the positive intake from the GCC markets, ADCorp’s board is currently considering increasing the capital to $150 million.
ADCorp was established by founding shareholders Abu Dhabi Financial Group and GFH Financial Group, and was issued with a Category 5 preliminary Islamic financial institution licence from the ADGM FSRA in June of 2016. The firm is engaged in activities covering Sharia-compliant corporate finance, wealth and asset management.
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