Saturday 19 September 2020 - 5:42:17 am

ADCorp announces profit for first-year performance

ABU DHABI, 8th April, 2019 (WAM) -- ADCorp, the first ADGM-based Islamic financial institution, today announced a positive performance for its first year of operations in 2018. At a Board meeting held recently, the Board approved the FY2018 financial and also approved the launch of two new Sharia-compliant funds for 2019, a Global Equities Mutual Fund and a Technology Private Equity Fund.

The strong financial performance follows an active first year for ADCorp. The business was established in Abu Dhabi Global Markets, ADGM, with a focus on providing financing in accordance with Sharia’ principles. Having raised funds of over US$100 million in January 2018, a significant portion of this was deployed in financing facilities with attractive returns ahead of initial targets.

Commenting on the announcement, Chairman of ADCorp Jassim Alseddiqi said, "Having identified the compelling opportunities in the Sharia-compliant investments arena, we are delighted to see ADCorp realising its first-year strategy effectively. Amid challenging market conditions, it has already delivered robust returns thanks to the efforts of our highly experienced team."

ADCorp is looking to build on its 2018 success and expand its business in 2019 via the launch of two new Sharia-compliant funds. The new funds will see ADCorp launch its first Sharia-compliant Mutual Fund and Private Equity Fund this year as it seeks to tap into the growing regional and global demand for Sharia-compliant investments. Industry analysts are anticipating global Sharia-compliant financial assets will increase to $3.8 trillion by 2022, up from $2.2 trillion in 2016, and the GCC will play a key role in driving this growth.

Mohammed Al Khaja, CEO of ADCorp, said, "Our first year of operations has demonstrated ADCorp’s ability to deliver on our strategy of offering innovative and profitable Sharia-compliant financial solutions. We have an exciting pipeline of opportunities, including the diversification of our product range with the launch of new funds, and I am confident that we will maximise these opportunities to create significant returns for our stakeholders."

WAM/Esraa Ismail/Nour Salman