• July 23, 2017
    Last updated 2 minutes ago

banking

ADCorp announces launch of its ADGM operations

It becomes the first Islamic financial institution located in the Abu Dhabi Global Market

Staff Report
17:17 July 17, 2017

DUBAI

ADCorp has become the first Islamic financial institution to be located in the Abu Dhabi Global Market (ADGM), following the launch of the company’s operations on Monday, it said in a statement.

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 capital raising of US$100 million (Dh367.2 million) and due to the positive intake from the GCC markets, ADCorp’s board is currently considering increasing the capital to US$150 million.