Wednesday, June 4, 2008

Islamic banks getting bigger

Soon, the name Ummar Bank will be a familiar name, if it sticks.

That's the tentative name given to a proposed superbank to be based in Bahrain. A group of Gulf banks and investors plan to raise US$9 billion by selling shares in a planned Islamic investment bank which will tap the rising liquidity in Muslim nations, a senior banker said on June 2.

The bank, tentatively named Ummar Bank, will have a paid-up capital of $11 billion, of which $2 billion will be raised in private equity placement, Shaikh Saleh Kamel said, according to a report on Middle-East-Online.Com.
The new Bahrain-based Islamic investment bank is seeking to raise as much as $11 billion to start projects in all Muslim countries, Shaikh Saleh, the Saudi entrepreneur, said on Al-Arabia television on June 3, reported Bloomberg.

Shaikh Saleh is chairman of the Albaraka Banking Group.

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