x Abu Dhabi, UAESaturday 29 July 2017

Abu Dhabi lender ADIB starts Sudan branch

Abu Dhabi Islamic Bank has launched a branch in the Sudanese capital Khartoum as part of its regional expansion plan.

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 to receive a banking license in Sudan.

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