Abu Dhabi lender ADIB starts Sudan branch

Abu Dhabi Islamic Bank (ADIB), the Islamic lender that raised $1 billion from a hybrid sukuk sale last month, launched a branch in the Sudanese capital Khartoum, as part of its regional expansion plan.

ADIB, Abu Dhabi’s biggest sharia-compliant bank by market value, is also the first lender from the United Arab Emirates (UAE) to receive a banking license in Sudan, it said in a statement on Monday.

The bank, which hopes to take advantage of growing trade ties between the Middle East and Africa, will offer wealth management and corporate banking services in Sudan.

ADIB is also a stakeholder in Bank of Khartoum, Sudan’s oldest bank, along with other Gulf lenders such as Dubai Islamic Bank, Sharjah Islamic Bank.

The Abu Dhabi bank raised $1 billion from a sharia-compliant hybrid Islamic bond, or sukuk, to boost its core capital in November.