WIBC witnesses launch of Bank of Khartoum

 

Manama, Bahrain: On the sidelines of the 22nd annual World Islamic Banking Conference (WIBC 2015), the Bank of Khartoum International (BOKI) was officially launched to the global Islamic financial community as the latest entrant to the fast-growing Islamic banking sector of the Kingdom of Bahrain. WIBC is an ideal platform for the launch given its reputation as the leading hub for new initiatives and innovations within the Islamic finance industry.

In his opening remarks, Fadi Salim Al Faqih, Board Member & Group CEO of the Bank of Khartoum highlighted BOKI’s role as a bridge serving to strengthen Sudan’s ties with the GCC:

“The establishment of our first overseas branch in Bahrain is a highly significant milestone for Bank of Khartoum (BOK) and Sudan. It serves to illustrate our transformational strategy to expand our geographic footprint outside Sudan, and further strengthen ties with the GCC region.”

Mr. Al Faqih commented on the integral role of WIBC 2015 as “the perfect global forum to showcase the continued strategic evolution of Sudan’s leading Islamic financial institution with a history of over 100 years.”

The CEO of BOKI, Nabeel Ebrahim Al Tattan, articulated the strategy of BOKI moving forward: “BOKI aims to become a prominent wholesale banking solutions provider in Bahrain, recognised for offering innovative Sharia-compliant products and services, with a commitment to exceptional service quality.”

BOKI received an Islamic Wholesale Bank Branch Licence from the Central Bank of Bahrain on 9th November 2015 and is expected to commence operations in early 2016 as the first overseas branch of the Bank of Khartoum, Sudan.

Bank of Khartoum (BOK) is the leading Islamic financial institution in Sudan and the country’s longest-established bank, with operations spanning more than 100 years. BOK has the distinction of being the only financial institution in Sudan that is not on the sanctions list of the U.S. Office of Foreign Assets Control (OFAC). It is also the first bank in Sudan to be rated by the Islamic International Rating Agency (IIRA), with ‘AA-’ (long-term) and ‘A-1’ (short-term) ratings and a ‘Stable’ outlook.

BOK is owned by prominent regional pioneers in Islamic banking, led by Dubai Islamic Bank as a major shareholder and the likes of Islamic Development Bank, Abu Dhabi Islamic Bank, Sharjah Islamic Bank and Etisalat.

BOK is the bank of choice in Sudan for local corporates, multinational corporations, the United Nations, non-governmental organisations, embassies and consumers. Its global correspondent banking partnership network comprises international and regional banks from the UK, Europe, the Middle East and Asia.

WIBC 2015 resumes today, the 2nd of December, and tomorrow. To find out more about WIBC, visit www.wibc2015.com.

 

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ABOUT WIBC

The World Islamic Banking Conference (WIBC) has established its reputation as the world’s largest and most influential gathering of international Islamic banking and finance leaders for over two decades. With the strategic support of the Central Bank of Bahrain, the next generation WIBC will focus on transforming Islamic finance into a global proposition by facilitating strategic opportunities, addressing systematic challenges and connecting international market players and institutional investors to the industry’s catalysts, thought leaders, partners and institutions.

For over two decades, WIBC has served as a key platform for bankers, institutional investors, asset managers, policymakers, academics and other stakeholders within Islamic finance and banking from key markets such as Luxembourg, the United Kingdom, the Middle East, Sudan, Nigeria, Singapore, Malaysia, Indonesia, and other Asian growth markets. Over the years it hosted globally renowned leaders such as Sir Howard Davies, Former Chairman of the European Central Bank, Professor Robert Kaplan of Harvard Business School, Nicholas Naseem Taleb, the author of “The Black Swan,” and Dr. Mark Mobius, Emerging Markets Guru and Executive Chairman of Templeton Emerging Markets. With its strong focus on cutting edge content, WIBC remains the strategic event for staying ahead of the innovation and technology forces that will shape the Islamic financial services industry in the near future.

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