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Mega Islamic Bank

Middle East : 19 February 2010

To seize the growth possibility and to contest with Islamic windows or subsidiaries of Western traditional banks, bigger Islamic banks are crucial.

Sameer Abdi, head of Islamic finance at Ernst & Young has announced an imminent launch of Islamic investment megabank, within a year with capital outlay in the range of $3 billion and $4 billion. Precise role of conventional banks has not yet been decided. They may act as operators, technical consultants and or shareholders.

Shaikh Saleh Abdullah Kamel, chairman of Al Baraka Banking Group is promoting the world’s largest Sharia-compliant bank.

Kamel said that Saudi Investment bank, Islamic Development Bank and Kuwait Real Estate Bank are among 10 shareholders.

Bahrain and Malaysia are among possible places to host the bank.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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