CBB grants branch license to Bank of Khartoum

The Central Bank of Bahrain (CBB) has granted a license to Bank of Khartoum (BOK), to open a branch in Bahrain. The license allows the bank to expand its activities as a wholesale bank (Islamic Principles) from the Kingdom of Bahrain.

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 Net-worth Individuals will be dealt selectively.

The Bahrain office will be will the first branch outside Sudan and the first Sudanese Bank that will be holding an Islamic wholesale banking branch license in the Kingdom of Bahrain.

The Bank is regulated by the Central Bank of Sudan (CBOS) in Sudan and operates under Islamic Banking Standards and Principles which ensure Sharia compliance in all of the bank’s services.

Bank of Khartoum was first established in 1913 by the Anglo-Egyptian regime and in 1925, it was renamed "Barclay’s Overseas Bank" and renamed "Barclay's Bank" in 1954. Dubai Islamic Bank (DIB) is the primary shareholder with 28% ownership in the Bank. The other institutional shareholders are also pioneers in regional Islamic banking and include the Islamic Development Bank Jeddah, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, United Arab Emirates, Etisalat and local and regional investors.

Ahmed Al-Bassam, Director of Licensing & Policy, Central Bank of Bahrain, "We welcome the Bank of Khartoum (BOK)'s 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."