ADCorp, the newly formed Islamic investment bank, has named Talal Al Zain as its chief executive.
Its two main shareholders, Abu Dhabi Financial Group (ADFG), an alternative asset management company, and GFH Financial, a Bahrain-based Islamic investment bank, said the new company has an authorised capital of US$100 million and will be the first Sharia-compliant institution in Abu Dhabi Global Market.
“Working with GFH Financial Group, we set out to establish a new, pioneering Islamic financial institution that can maximise and capture the ongoing growth in Islamic investment and finance globally,” said Jassim Alseddiqi, ADFG’s chief executive.
“We are particularly pleased to have Mr Talal Al Zain at the helm. He has a clear vision and unmatched experience, and we are confident that will ensure that ADCorp matures into a world-class Islamic financial institution.”
Mr Al Zain, formerly chief executive of PineBridge Investments Middle East, said that ADCorp would focus on corporate finance, wealth and asset management for institutions and ultra high net worth clients.
“With solid foundations, strong backing and a unique strategy, we look forward to creating exciting new opportunities and value for both clients and shareholders,” he said. “Geographically the firm’s investment strategy will allow ADCorp to become the long-term business partner of choice for clients in the region through providing special expertise in innovative banking products.”
Abu Dhabi’s free zone on Al Maryah Island is a full-service financial centre that includes offices, shops, residences, hotels and leisure facilities.
ADGM was established by a federal decree in 2013 and opened for business in October last year.
The financial centre is focusing on private banking, wealth management and asset management.
Among the first movers to ADGM was the Australian financial services company Macquarie Capital.
Follow The National's Business section on Twitter