Abu Dhabi Islamic opens Sudan branch
Abu Dhabi, December 24, 2012
Abu Dhabi Islamic Bank (ADIB), the Islamic lender that raised $1 billion from a hybrid sukuk sale last month, launched a branch in the Sudanese capital Khartoum, as part of its regional expansion plan.
ADIB, Abu Dhabi's biggest sharia-compliant bank by market value, is also the fist lender from the United Arab Emirates (UAE) to receive a banking license in Sudan, it said in a statement on Monday.
The bank, which hopes to take advantage of growing trade ties between the Middle East and Africa, will offer wealth management and corporate banking services in Sudan.
ADIB is also a stakeholder in Bank of Khartoum, Sudan's oldest bank, along with other Gulf lenders such as Dubai Islamic Bank, Sharjah Islamic Bank.
The Abu Dhabi bank raised $1 billion from a sharia-compliant hybrid Islamic bond, or sukuk, to boost its core capital in November.-Reuters
More Finance & Capital Market Stories
- Dubai ICD planning to boost $2bn loan
- CEO-elect of fraud-hit Rakbank quits
- Saudi foreign assets hit record $668.2bn
- Major trade success for BBK Brokerage
- NBAD raises convertible bond issue to $465m
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
- UAE’s non-oil job, output levels surge