Sudanese Bank of Khartoum, has launched its first overseas branch office in Bahrain.

 

The new entity, known as Bank of Khartoum International (BOK-I), was recently awarded the Islamic banking licence by the Central Bank of Bahrain.

 

Following subsequent compliance with local legal and regulatory requirements, the branch office is expected to start operations in first quarter next year, said the bank. 

 

“The establishment of our first overseas branch in Bahrain is a highly significant milestone for Bank of Khartoum. It serves to illustrate our transformational strategy to expand our geographic footprint outside Sudan, and further strengthen ties with the GCC region,” said Fadi Salim Al Faqih, BOK board member and group CEO, speaking on the side-lines of the World Islamic Banking Conference (WIBC).

 

“We chose the Kingdom of Bahrain due to its status as the Islamic hub of the GCC and Mena; and the pioneering reputation of the Central Bank of Bahrain for the highest standards of regulation and transparency in the region,” he added. 

 

BOK said that it is the only financial institution in Sudan that is not on the sanctions list of the US Office of Foreign Assets Control (OFAC). 

 

It is also the first bank in Sudan to be  rated by the Islamic International Rating Agency (IIRA), which has conferred ‘AA-’ (long-term) and ‘A-1’ (short-term) ratings and a ‘Stable’ outlook, it added. 

 

Nabeel Ebrahim Al Tattan who has been appointed CEO of BOK-I, said “BOK-I aims to become a prominent wholesale banking solutions provider in Bahrain, offering innovative Sharia-compliant products and services.”

 

“The Branch will focus predominantly on trade finance, treasury, deposit generation, syndicated lending and correspondent banking, with a commitment to exceptional service quality,” he added.

 

A key player in the Sudanese financial system, BOK also owns six subsidiaries engaged in trade, foreign exchange, brokerage, consumer finance, commercial real estate, and cash and valuables transit. -TradeArabia News Service