The Central Bank of Bahrain (CBB) has granted a license to Sudan's Bank of Khartoum (BOK), to open a branch in Bahrain.

The license allows the bank to expand its activities as a wholesale bank (Islamic Principles) in Bahrain.

The proposed branch is expected to contribute in strengthening its relationship with the Gulf Region. Hereby it is targeted to engage with existing and potential investors; special focus will be given to financial institutions (local and international), corporate customers and high net worth individuals will be dealt selectively.

The Bahrain office will be will the first branch outside Sudan and the first Sudanese Bank that will be holding an Islamic wholesale banking branch license in the Kingdom.

The Bank is regulated by the Central Bank of Sudan (CBOS) in Sudan and operates under Islamic Banking Standards and Principles which ensure Shariah compliance in all of the bank’s services.

Ahmed Al-Bassam, director of Licensing & Policy, Central Bank of Bahrain said: “We welcome Bank of Khartoum (BOK) decision to choose Bahrain as a hub for reaching the Middle East Market, which is a diversified financial center in the region and its presence in the region will undoubtedly reflect positively on the Bank's international correspondence.” – TradeArabia News Service