ADFG teams up with GFH Financial Group to set up new Islamic bank
The privately-owned investment management firm Abu Dhabi Financial Group (ADFG) has teamed up with Bahrain-based GFH Financial Group to establish an Islamic bank with an envisaged capital of US$100 million. It would be located at the recently launched Abu Dhabi Global Market (ADGM).
Revealing this, ADFG’s CEO Jassim Alseddiqi said the proposed Islamic bank will open soon and it will operate as a commercial bank accepting offshore deposits and dealing in dollars. Meanwhile, it will be the first new bank to set up its office in ADGM, he added.
ADGM is the second financial free zone in the UAE, after Dubai International Financial Centre (DIFC). Macquarie Capital, which offers corporate finance advisory services, as well as Aberdeen Asset Management, a global investment management group, have opened their offices in ADGM recently.