ADCorp hosts inaugural AGM; confirms significant progress in first year of operations

ADCorp Ltd (“ADCorp”), the first Islamic financial institution based in Abu Dhabi Global Market (“ADGM”), last week , hosted its inaugural Annual General Meeting (“AGM”) for shareholders to discuss its 2018 annual results and future growth strategy. Following the AGM, ADCorp is pleased to confirm that [all resolutions were duly approved and that it is in compliance with all regulatory requirements as set out by ADGM and ADGM's Financial Services Regulatory Authority (“FSRA”)].

Chairman of ADCorp, Jassim Alseddiqi, commented, “As the first ADGM-based Islamic financial institution we have been working closely with the ADGM and the FSRA and we would like to extend our appreciation to both for their continuous support as we have established and grown ADCorp over 2018. Together, we have achieved a strong first-year performance, demonstrating the considerable opportunity to create an industry-leading Sharia-compliant investments business which brings together ADGM’s reputation and ADCorp’s expertise.”

ADCorp recently announced that it had achieved a positive performance for 2018, delivering a Return on Equity of 6% despite challenging markets. These results were underpinned by an active first year, having successfully deployed funds of more than $100 million in financing companies with attractive growth potential during the course of 2018.

Looking ahead to 2019, ADCorp is aiming to diversify its portfolio covering Sharia-compliant corporate financing, Sharia-compliant financial instruments and Sharia-compliant asset management. 

ADCorp CEO Mohammed Alkhaja commented: “The opportunity for Islamic financial products and services in the region is significant and ADCorp is well placed to benefit from this growing demand. We are building a reputation for delivering attractive returns for our investors and this will support our growth strategy in 2019, as we seek to launch new funds and services.”