Abu Dhabi – Mubasher: ADCorp announced the launch of its operations in the Abu Dhabi Global Market (ADGM), according to a statement.

The move follows the ADGM Financial Service Regulatory Authority’s (FSRA) decision on 4 July to allow ADCorp to operate as a Category 5 “Islamic financial institution”, a statement said.

Following the capital raising of $100 million, ADCorp’s board is currently considering increasing the capital to $150 million, according to CEO Jassim Alseddiqi.

“We are pleased with the launch of operations at ADCorp after having received the relevant regulatory approvals,” Alseddiqi said, adding that “We have a strong team of qualified professionals with vast experience in Islamic banking and asset management, and we are confident of adding further depth and value to this world-class Islamic financial institution.”