Gulf investors to set up Islamic bank with $2b capital

DUBAI - Shaikh Saleh Kamel, Chairman of the Saudi-based Dallah Al Baraka Group and Chairman of the General Council of International Islamic Banks and Establishments, has announced that a consortium of Gulf investors would be establishing an international investors bank operating according to Islamic Shariah in Bahrain.

By A Staff Reporter

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Published: Fri 30 Apr 2004, 10:54 AM

Last updated: Wed 1 Apr 2015, 11:54 PM

In an exclusive interview broadcast on CNBC Arabiya, Kamel said the bank would have a capitalisation of $2 billion.

The new bank should be in operation by 2005, he added.

According to Kamel, who heads one of the world's largest Islamic banking enterprises, the aim is to establish a strong capital market in the Middle East to help Middle East economic development and support primary and secondary markets by making Sukuk (Shariah-compatible trust certificates) and other Islamic instruments available on a much wider scale to support development projects across the region.

"Establishing a Middle East capital market demands a truly international institution," Kamel said.

"A feasibility study which is now nearing completion has been implemented."

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