Bank of Khartoum to open branch in Bahrain

December 1, 2015 (MANAMA/Bahrain) – The Bank of Khartoum, a multinational enterprise, has obtained a license to operate in Bahrain.

According to a press release here on Tuesday the Central Bank of Bahrain has legally authorized the Bank of Khartoum to open a branch in this Capital City.

The press release, issued by the Central Bank of Bahrain, said the Bank of Khartoum branch “will function according to the principles of Islamic Sharia in all its transactions”.

‘”The Central Bank of Bahrain expects the Bank of Khartoum branch to open strong avenues of cooperation with the local and international banks based in Bahrain,” according to the press release.

It said this is going to be the first branch ever to be opened by the Bank of Khartoum outside Sudan.

The Bank of Khartoum is licensed by the central bank; the Bank of Sudan, to operate in Sudan as a private business.

The Bank of Khartoum was founded in 1913 and in 1925 it carried the name Barclays Bank Overseas .In 1954 it was renamed : Barclays Bank, according to the press release.

In 2013, the Bank of Khartoum was exempted from the economic U.S sanctions on the Sudanese government and its businesses, imposed since 1997.

Dubai Islamic Bank holds 28% of the Bank of Khartoum shares. The other shareholders include the Islamic Bank for Development, based in Jeddah ( Saudi Arabia), Abu Dhabi Islamic Bank, The Sharjah Islamic Bank(U.A.E), the Ittisalat company(U.A.E) , in addition to several other local and regional investors.

(ST)