Manama: Bank of Khartoum (BOK) has got a licence to open a branch in Bahrain.
A statement by the Central Bank of Bahrain (CBB) said the licence allows the bank to expand its activities as a Sharia-compliant wholesale bank.
BOK said the proposed branch is expected to contribute in strengthening its relationship with the Gulf region and it is targeted to engage with existing and potential investors.
Special focus will be on financial institutions (local and international) and corporate customers and high net worth individuals will be dealt with selectively.
The Bahrain office will be the first branch outside Sudan and the first Sudanese Bank holding an Islamic wholesale banking branch licence in Bahrain.
The bank is regulated by the Central Bank of Sudan (CBOS) in Sudan and operates under Islamic banking standards and principles which ensure Sharia compliance in all services.
BOK was first established in 1913 by the Anglo-Egyptian regime and in 1925, it was renamed Barclay’s Overseas Bank and renamed Barclay’s Bank in 1954.
Dubai Islamic Bank (DIB) is the primary shareholder with 28pc ownership in the bank.
The other institutional shareholders are also pioneers in regional Islamic banking and include the Islamic Development Bank Jeddah, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, United Arab Emirates, Etisalat and local and regional investors.
CBB director of licensing and policy Ahmed Al Bassam said BOK’s decision to choose Bahrain as a hub for reaching the Middle East Market was welcome.
“Bahrain is a diversified financial centre in the region and its presence will undoubtedly reflect positively on the bank’s international correspondence,” he added.
&uuid=(email))