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ADFG and Bahrain’s GFH to launch Islamic bank in Abu Dhabi

Thu, 2016-06-02 10:35 — newsdesk

Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of $100 mn. ADFG's CEO Jassim Al Seddiqi said the bank will open very soon, it will be run as a commercial bank accepting offshore deposits and dealing in dollars. ADFG has recently raised its stake in GFH to 11.74% from 10% and the two firms are seeking other joint opportunities for the future.

Source: 

http://gulfnews.com/business/sectors/banking/adfg-and-bahrain-s-gfh-to-l...