ADCorp, an Islamic investment bank, says it has become the first Islamic institution to begin operations in the Abu Dhabi Global Market (ADGM).
The launch follows a decision by ADGM’s regulator earlier this month to allow the company, which was set up last year, to operate as an Islamic financial institution.
With authorised capital of $100 million, the firm is involved in sharia-compliant corporate finance, wealth and asset management. The chief executive is Talal Al Zain, the former chief of PineBridge Investments Middle East.
ADCorp’s two main shareholders are Abu Dhabi Financial Group, an alternative asset manager, and GFH Financial, a Bahrain-based investment bank.
ADGM is a financial zone in Abu Dhabi in which companies can be wholly foreign-owned. It was designed to serve a similar function to the nearby Dubai International Financial Centre.
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