IslamicFinance.de

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.

Bahraini and GCC investors plan to establish an Islamic stock market in Bahrain. The stock market is part of the proposed Islamic mega bank project, which is said to have received licence from Central Bank of Bahrain.

Businessman Shaikh Saleh Kamel is quoted to have said that the bank aims for a capital of USD 11 bn, of which USD 1 bn are administrative shares for the bank's strategic investors, among them Al Baraka Group, a Kuwaiti bank, Saudi Investment Bank, Islamic development Bank and Bahrain Islamic Bank.

The mega bank is supposed to launch USD 33 bn worth of investment funds in regional and international markets.

Source:
http://www.gulf-daily-news.com/Story.asp?Article=212659&Sn=BUSI&IssueID=...