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DFSA grants ABK DIFC Branch Category 1 banking licence

Abdulla Alsumait, Deputy Group CEO, ABK. — Supplied photos
Abdulla Alsumait, Deputy Group CEO, ABK. — Supplied photos

The DIFC is home to major global financial institutions and boasts a worldwide reputation as an international financial centre with an excellent legal and regulatory framework.



by

A Staff Reporter

Published: Mon 17 Jan 2022, 3:48 PM

Last updated: Mon 17 Jan 2022, 3:50 PM

Al Ahli Bank of Kuwait (ABK)-DIFC announced today that it has been awarded a ‘Category 1 Banking Licence’ by the Dubai Financial Services Authority (DFSA).

The licence upgrade allows ABK-DIFC to provide customers with a vast portfolio of wholesale banking services from the Dubai International Financial Centre (DIFC) Branch, including accepting deposits from corporates and financial institutions. The licence upgrade also aligns with the Bank’s future growth plans, and positions ABK-DIFC as a regional offshore banking hub with capabilities to seamlessly service corporates, multinationals and financial institutions across its operations.

The DIFC is home to major global financial institutions and boasts a worldwide reputation as an international financial centre with an excellent legal and regulatory framework, making it a strategic base for ABK as its regional offshore banking hub.

Abdulla Alsumait, ABK’s Deputy Group CEO said: “Since setting up our DIFC operations in 2018, ABK-DIFC has reached an important milestone. The expansion of our services out of DIFC demonstrates our commitment to creating value for our clients across the region.”

The ABK-DIFC branch is regulated by the DFSA and adheres to DFSA’s stringent Anti - Money Laundering (AML) and Know-Your-Customer (KYC) standards in its dealings and operations.

Omar Wahby, CEO-UAE, ABK.
Omar Wahby, CEO-UAE, ABK.

Omar Wahby, ABK’s CEO-UAE said: “The licence upgrade is timely, and will support our strategy to achieve healthy growth and establish new benchmarks in the industry. I would like to extend my gratitude to our loyal clients for their continuous support and trust and to the DFSA for granting us the licence.” — business@khaleejtimes.com


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