ABU DHABI, 20th November, 2016 (WAM) -- Abu Dhabi Financial Group, ADFG, and GFH Financial Group today announced the appointment of Talal Al Zain as the Chief Executive Officer of the newly established ADCorp, the first Islamic financial institution at the Abu Dhabi Global Market, ADGM.

ADCorp is incorporated and subject to final regulatory approval, and will be regulated by the ADGM Financial Services Regulatory Authority, FSRA, under a Category 5 "Islamic Financial Institution" licence. It was established with authorised capital of US$100 million and its founding shareholders are ADFG and GFH.

Jassim Alseddiqi, CEO of ADFG, said, "Were proud to announce the establishment of ADCorp. 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. We are particularly pleased to have 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." Hisham Al Rayes, CEO of GFH, added, "With the creation of ADCORP, we are proud to announce our investment in another distinctive and specialist financial player in the Islamic banking industry. Together with ADFG, we envisioned the development of an institution that can deliver a unique new investment offering." Talal Al Zain, CEO of ADCorp, said, "Im delighted to be leading this new and exciting venture with the support and backing of ADFG and GFH, two renowned regional financial institutions. ADCorps activities will focus on Corporate Finance, Wealth and Asset Management with a mandate to identify and deliver outstanding and tailor-made products and services to institutions and ultra high-net-worth clients. We are also pleased to be operating within the ADGM, which offers us a strategic location, access and sound regulatory frameworks. With solid foundations, strong backing and a unique strategy, we look forward to creating exciting new opportunities and value for both clients and shareholders."

Copyright Emirates News Agency (WAM) 2016.