Dubai Investments to launch sharia-compliant Arkan Bank

Dubai Investments will lead a consortium of investors to launch Arkan Bank. Arkan Bank is now applying to the Dubai Financial Services Authority for approval for a licence to operate as an Islamic financial institution. It plans to offer sharia-compliant banking services and investment products to serve ultra-high-net-worth individuals, corporates, and institutional clients. The bank has an initial paid-up-capital of $100 million and will have an authorised share capital of $500 million. Arkan Bank chairman Khalid Bin Kalban said the bank would initially focus on the GCC region and subsequently build scale to become the top-tier Islamic wholesale bank. The bank plans to list its shares on NASDAQ Dubai within 12 months of its establishment.