International Islamic bank to be launched

24 October 2006

An international Islamic investment bank with capital of $1 billion is being planned by the Islamic Chamber of Commerce and Industry (ICCI), local press reports in Dubai have claimed.

According to the Khaleej Times, the president of the ICCI, Saleh Kamel, announced that the new bank would be ready for operation "soon", open for participation to Islamic banks, financial institutions, public agencies and wealthy individual investors.

"The bank will not deal directly with the public and its specialty will be to explore and finance investment opportunities as well as the securitization of investments and the liquidity management of banks and financial institutions," Mr Kamel told a press conference, according to the newspaper.

However, the location of the bank has not yet been decided, with Saudi Arabia, the United Arab Emirates, and Bahrain all touted as possible host countries.

The ICCI president added that there was an urgent need to develop commercial ties within the Muslim world.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development