Mega bank to be founded in Bahrain
The whole-sale "mega bank" initiated by Saleh Kamel, Chairman of Dallah Albaraka Group shall be situated in Bahrain and is going to fundraise this year reported Shakir Husain in Gulf News. The bank should be business even outside the Muslim regions.
The bank's founders will contribute USD 1 bn in equity and USD 10 bn will be raised by offering shares to the public. Another USD 200 bn is planned to come from sukuk issuance and investment funds.
Among the main shareholders will be the Islamic Development Bank (IDB), the Jeddah-based multilateral lending agency, Dallah Albaraka Group, Kuwaiti Real Estate Bank and another 10 banks. There are two possible names being considered for the bank, which are Al Imar and Al Istikhlaf.
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