ADCorp has become the first Islamic financial institution to be located in the Abu Dhabi Global Market (ADGM), following the launch of the company’s operations on Monday, it said in a statement.

The move follows the ADGM Financial Service Regulatory Authority’s (FSRA) decision on July 4 to allow ADCorp to operate as a Category 5 “Islamic financial institution.”

Following the successful capital raising of US$100 million (Dh367.2 million) and due to the positive intake from the GCC markets, ADCorp’s board is currently considering increasing the capital to US$150 million.