• Home
• /
• Business

First general assembly meeting of Emirates and Sudan Bank held

DUBAI— Emirates and Sudan Bank (ESB) held its first general assembly meeting at Al Sadaqa Hall in Khartoum, the capital city of Sudan.

Dr Mohammed Khalfan bin Kharbash, the UAE Minister of State for Financial and Industrial Affairs and Chairman of Dubai Islamic Bank (DIB), Dr Sabir Hassan, Governor of Sudan Central Bank, and top officials from Sudan and the UAE, were present at the meeting.

The General Board of ESB announced the appointment of Dr Kharbash as Chairman of the Emirates and Sudan Bank. In addition, Abd Al Rahman Al Owais, Aref Ahmed Kooheji, Mamoun Ahmad Maqi, Sultan Khalfan Al Ghaith, Dr. Mohammed Al Habib Al Jaraya, and Ahmed Darwish bin Dagher Al Marar, were appointed as board members of the bank.

Dr Kharbash said: "ESB, the biggest of the new Islamic financial institutions to be inaugurated in Sudan with a paid-up capital of $113.5 million and an authorised capital of $200 million, will contribute greatly to the anticipated economic growth in the country.

The bank had completed its private placement at US$85 million with strong response from investors in Sudan and the UAE, while its $28.5 million Initial Public Offering (IPO) was oversubscribed exceeding all expectations by collecting more than $224 million."

"ESB will offer a variety of financial solutions which are expected to meet some of the urgent funding requirements faced by Sudan in the medium and long term. The bank will also play a major role in promoting and financing projects in Sudan through the financial markets and other investment tools," he said.

ESB is expected to finance large organisations and companies that work in the import and export industry in Sudan, in addition to supporting various infrastructure projects in real estate, industry, sewerage and road network projects, and services fields. The bank will also contribute to rebuilding the Southern areas in Sudan and other areas affected by the war.

He said: "ESB will not only depend on its capital. The bank will also leverage its strong relationships with its parent organisations, to launch investment funds that would provide financial resources expected to reach $1 billion during the next few years. The bank will contribute to enhancing the performance of Sudan's banking sector by offering a variety of advanced and innovative products. ESB will greatly benefit from the experiences of the parent banks which constitute Dubai Islamic Bank, the first Islamic Bank worldwide, Abu Dhabi Islamic Bank, and Sharjah Islamic Bank."

Dr Khirbash thanked Islamic Development Bank for its support and for being one of the major contributors to ESB. He said: "Shares of Islamic Development Bank constitutes ten per cent of ESB's paid-up capital. This major contribution will allow us to cooperate with more than 50 Islamic countries." He concluded that Emirates and Sudan Bank will invest in developing local staff to service its imminent growth.