ADCorp Concludes Fundraising of Over $100 Million in Capital, Deploying Significant Portion
Abu Dhabi Financial Group LLC (“ADFG”), a leading global investment group, announced that ADCorp Ltd (“ADCorp”), the first Islamic financial institution based in the Abu Dhabi Global Market (ADGM), has concluded its fundraising and deployed a significant portion of its total capital of over US$100 million. The funds are being deployed in order to finance companies with solid business plans and exceptional potential for growth.
ADCorp offers inventive and practical financial solutions covering Sharia-compliant corporate finance, wealth and asset management. Investors include strategic corporates, family offices and high net worth individuals.
Commenting on the capital deployment, Jassim Alseddiqi, CEO of ADFG and Executive Chairman of ADCorp, stated, “As access to financing has become increasingly limited in recent years, we recognized an opportunity to create a preeminent, Abu Dhabi-based, Sharia-compliant financial institution that could leverage ADFG’s reputation, track record and network. ADCorp is fulfilling this vision by serving a specialized market of companies that require funding in order to further grow their businesses. We are extremely pleased with our solid and active capital base and expect ADCorp to achieve profitability over the next twelve months and to also distribute dividends to our shareholders.”
Mustafa Kheriba, Senior Executive Officer of ADCorp, added, “ADCorp is well positioned to further build on the attractive returns we have achieved since the institution’s inception. We have a healthy pipeline of deals and a strong team of qualified professionals with vast experience in the Islamic finance sector. We are delighted with our close affiliation to some of the region’s most reputable financial institutions, such as as GFH Financial Group, and are grateful for the considerable value they add through their experience and wide network.”
ADCorp is primarily focused on providing financing to companies that require funding at attractive rates and in accordance with Sharia principles. Additionally, ADCorp has the ability to receive US Dollars from clients via a “Wakala” –a Sharia-compliant arrangement.
ADGM’s Financial Service Regulatory Authority (FSRA) granted ADCorp its banking license in July 2017, enabling the institution to operate as a Category 5 “Islamic financial institution”.