Bahrain to set up new Islamic development bank
Manama, July 30, 2011
Bahrain will establish a new multibillion dollar investment bank in the Kingdom following recent positive economic development, said officials.
The new bank, Al-Emar Bank (the Construction Bank) will be announced formally during an Organization of Islamic Conference (OIC) meeting in December, said a report in CPI Financial.
The bank will provide financing for projects in 57 member countries of the OIC to rehabilitate countries that have been victims of recent unrest, and finance private sector projects in compliance with Islamic Shari'ah.
The banks initial capital will be $10 billion and expand to $100 billion; the expected launch date is next January. –TradeArabia News Service