BOK, a privately-owned bank in Sudan, has recently obtained a licence to open a branch in Bahrain. The bank is the first Sudanese firm to hold an Islamic banking licence in the country.
The Islamic core banking system was chosen by BOK after an evaluation of all systems on the market. It will now be used to steer BOK’s entry into the Bahraini market. The bank is aiming to grow its business tenfold by 2019, according to ibsintelligence.com. BOK is a long-time user of iMAL, the core banking system underpinning its Sudanese operations.
BOK has 66 branches in Sudan and has the distinction of being the oldest continuous commercial bank in the country, the site continues. A number of Islamic banks are shareholders in BOK, including Dubai Islamic Bank, which controls 28%.
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