Mon, Jul 17, 2017

Business, Banking & Finance
ADCorp launches operations in Abu Dhabi

ADCorp has launched operations in the Abu Dhabi Global Market (ADGM), becoming the first Islamic financial institution located within the financial hub in the UAE capital.

The move follows the ADGM Financial Service Regulatory Authority’s (FSRA) decision on July 4 to allow ADCorp to operate as a Category 5 Islamic financial institution.

Following the successful raising of $100 million in capital and due to the positive intake from the GCC markets, ADCorp’s board is now considering increasing the capital to $150 million.

ADCorp Executive Chairman 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 Abu Dhabi Financial Group (ADFG) and GFH Financial Group, and was issued with a Category 5 preliminary Islamic financial institution licence from the ADGM’s FSRA in June 2016. 

The firm is engaged in activities covering Sharia-compliant corporate finance, wealth and asset management.

Through its subsidiaries, ADFG provides an array of financial services and solutions, with a focus on private markets, public markets, debt and real estate. The group’s expertise inspires an active approach, ensuring investments outperform expectations.

Since it was established, ADFG has expanded and evolved to deliver consistent returns to its clients, pursuing a strategy of opportunistic investments across a variety of sectors and geographies. This approach has enabled the firm to successfully adapt to variations in the macroeconomic climate in order to respond to investors’ changing needs.

Today, ADFG has assets under management in excess of $5 billion, international offices in the UAE (Abu Dhabi and Dubai), the UK (London) and Eastern Europe (Podgorica), and has received widespread acclaim for its strong track record and pioneering approach to investing.

GFH is a well-known Gulf financial group involved in asset management, wealth management, commercial banking and real estate development. The group operations are focused in the GCC, North Africa and India.

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