ADIB Expands its Regional Footprint by Opening a Branch in Sudan
Cairo, 24th December 2012: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial institution, today announced the expansion of its regional footprint by launching its branch in Khartoum in Sudan. It becomes the first UAE-based Islamic financial institution to receive a banking license from the Central Bank of Sudan and to start operations from Sudan.
The inauguration ceremony was attended by Republic Field Marshal Omar Hassan Ahmed Al-Bashir, President of Sudan, alongside HE Hassan Ahmed El Shahi, UAE Ambassador to Sudan and a number of official dignitaries from Sudan, UAE and neighboring Egypt.
Through the establishment of a Wealth Management and a Corporate Banking Centre and the provision of its award-winning products and services, ADIB will provide a leading platform for Shari’a-compliant banking in Sudan, in turn, supporting the socio-economic development of the country.
Commenting on the bank’s Sudan expansion, Abdullah Al Shahi, Head of International Expansion at ADIB, said: “We are delighted to be opening our first branch in Sudan. We believe our operations in Khartoum will rapidly become a key strategic element of our international strategy. ADIB has been a key supporter of trade ties between Sudan and the UAE for a number of years, contributing to the long-term sustainable growth of the Sudanese economy. We believe that our new physical presence in Sudan will further enhance our contribution through our delivery of world-class Islamic banking products and services.”
Sudan has an abundance of natural resources including petroleum, gold and soft commodities, with many in the region seeing the country as a very natural trading hub and bridge between the Arab World and Africa.
ADIB’s initial strategy will be based around providing corporate banking and wealth management services to all Sudanese economic sectors.