Abu Dhabi and Bahrain groups to set up new Islamic bank in Abu Dhabi’s financial free zone
Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of USD100mn. Privately-owned investment management firm ADFG and GFH have received preliminary approval to launch the bank at Abu Dhabi Global Market (ADGM), the second financial free zone in the United Arab Emirates after the Dubai International Financial Centre (DIFC). ADFG Chief Executive Jassim Al Seddiqi said that the bank will be opening very soon, and that it will be run as a commercial bank accepting offshore deposits and would deal in dollars. (Reuters)
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