ADCorp records profit in FY18, mulls new funds in 2019

ADCorp records profit in FY18, mulls new funds in 2019
ADCorp has raised funds at a value surpassing $100 million in January

Mubasher: ADCorp announced a positive performance for its income statements for fiscal year 2018, its first year of operations.

During its meeting on 26 March 2019, the board approved the FY18 financials and also approved the launch of two new Sharia-compliant funds for 2019

Industry analysts are expecting global Sharia-compliant financial assets to grow to $3.8 trillion by 2022, up from $2.2 trillion in 2016, while the GCC is projected to play a key role in driving this growth.

The first Abu Dhabi Global Market (ADGM)-based Islamic financial institution ADCorp is expected to add a Global Equities Mutual Fund and a Technology Private Equity Fund, according to a recent press release.

Focus on providing financing compliant with Sharia’ principles, ADCorp’s business was established in the Abu Dhabi Global Markets (ADGM).

This business has raised funds at a value surpassing $100 million in January 2018, making a noticeable operational progress during 2018.

Furthermore, ADCorp has signed Memorandums of Understanding (MoUs) with multiple financial institutions as well as establishing a highly experienced board and management team; this has been part of its objective to develop a presence in the growing Sharia-compliant investments industry.

“Having identified the compelling opportunities in the Sharia-compliant investments arena, we are delighted to see ADCorp realising its first-year strategy effectively. Amid challenging market conditions, it has already delivered robust returns thanks to the efforts of our highly experienced team,” chairman of ADCorp Jassim Alseddiqi said.

CEO of ADCorp Mohammed Al Khaja said, “Our first year of operations has demonstrated ADCorp’s ability to deliver on our strategy of offering innovative and profitable Sharia-compliant financial solutions. We have an exciting pipeline of opportunities, including the diversification of our product range with the launch of new funds, and I am confident that we will maximise these opportunities to create significant returns for our stakeholders.”