Abu Dhabi – Jassim Alseddiqi, Executive Chairman of ADCorp, on Monday announced the launch of ADCorp’s operations, making it the first Islamic financial institution located in the Abu Dhabi Global Market (ADGM).
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 US$150 million.
Jassim Alseddiqi 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.”
ADCorp was established by founding shareholders Abu Dhabi Financial Group (ADFG) and GFH Financial Group, and was issued with a Category 5 preliminary “Islamic financial institution” licence from the ADGM FSRA in June 2016. The firm is engaged in activities covering Sharia-compliant corporate finance, wealth and asset management.