Sudan’s Bank of Khartoum has secured a license from the Central Bank of Bahrain to open a branch in Bahrain.
The license will see the bank operating as a wholesale bank in Bahrain, in accordance with Islamic principles.
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"The proposed branch is expected to contribute in strengthening its relationship with the Gulf Region. Hereby it is targeted to engage with existing and potential investors; special focus will be given to Financial Institutions (local and international), Corporate Customers and High Networth Individuals will be dealt selectively," the Bahrain central bank said in a statement.
Bank of Khartoum is the first Sudanese lender to be granted an Islamic wholesale banking branch license in Bahrain, with the Bahrain unit being Bank of Khartoum’s first branch outside Sudan.
Central Bank of Bahrain director of licensing and policy Ahmed Al-Bassam said: "We welcome the Bank of Khartoums (BOK) decision to choose Bahrain as a hub for reaching the Middle East Market, which is a diversified financial center in the region and its presence in the region will undoubtedly reflect positively on the Bank’s international correspondence."
Bank of Khartoum, set up in 1913, has Dubai Islamic Bank as the primary shareholder with a 28% stake. Other shareholders include the Islamic Development Bank Jeddah, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, United Arab Emirates, Etisalat along with other local and regional investors.
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