IslamicFinance.de

Gulf News published based on Bloomberg 15 January an article regarding the governmental approval for Emirates Islamic Bank, Kuwait Syrian Holding, and two Saudi investors from the Al Rajhi family to partner with Bahrain-based Albaraka Banking Group, setting up Al Baraka Bank-Syria. The bank plans an IPO at the end of Q1 to sell 35 % according to Amir Assassa, a founding member of Albaraka Bank-Syria. Assassa said that Albaraka Banking Group will own 23 % in the Syrian bank, Syrian investors 16 %, Emirates Islamic 10 % and Kuwait Syrian Holding, which is partly owned by the Al Kharafi Group, 5 %, he said.