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ADFG and GFH to launch Islamic bank at Abu Dhabi

Abu Dhabi Financial Group and the GFH Financial Group are all set to launch an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of $100 million, according to ADFG CEO Jassim Alseddiqi. ADFG and GFH have received preliminary approval to launch the bank at Abu Dhabi Global Market, (ADGM). Jassim Alseddiqi said the bank will be opening very soon, it will be run as a commercial bank accepting offshore deposits and dealing in dollars. ADFG recently raised its stake to 11.74% in Islamic investment bank GFH from 10%, and Alseddiqi said the two firms were seeking other joint opportunities.

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