IslamicFinance.de

Dubai Investments announced the establishment of a new Islamic bank called Arkan Bank. It will be the first home-grown, wholesale Islamic Bank operating from Dubai International Financal Centre. It will have an initial paid-up capital of $100 million and another $200 million will be raised after 12 months of its establishment through listing on Nasdaq. CEO Khalid Bin Kalban said Dubai Investments will initially hold a 25% in the bank and would aim to retain a stake of that size. He added that Arkan Bank's core business lines would be corporate banking, asset management and awqaf, investment banking and treasury. Arkan Bank initially plans to focus on the GCC region and subsequently build scale to become the top-tier Islamic wholesale bank in the region.

Dubai Investments announced the establishment of a new Islamic bank called Arkan Bank. It will be the first home-grown, wholesale Islamic Bank operating from Dubai International Financal Centre. It will have an initial paid-up capital of $100 million and another $100 million will be raised after 12 months of its establishment through listing on Nasdaq. CEO Khalid Bin Kalban said Dubai Investments will initially hold a 25% in the bank and would aim to retain a stake of that size. He added that Arkan Bank's core business lines would be corporate banking, asset management and awqaf, investment banking and treasury. Arkan Bank initially plans to focus on the GCC region and subsequently build scale to become the top-tier Islamic wholesale bank in the region.

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.