Business Services Industry
Financial institutes plan to establish first dedicated Islamic investment bank.
Middle East and North Africa Business Report, March, 2006
Mar. 14--QATAR -- Gulf Finance House (GFH) and Qatar Islamic Bank (QIB) Tuesday announced a landmark agreement to launch Qatar's first dedicated Islamic investment bank. A formal application for authorization and a license was submitted on Sunday to the Qatar Financial Centre Regulatory Authority.
The investment bank will be launched with an authorised capital of US$ 1 billion and paid up capital of US$ 500 million. GFH and QIB will each own 15 per cent of the new bank. The remaining 70 percent of the equity will be offered by GFH and QIB to their clients beginning this week. Listing of the bank is planned in the near future in accordance with stock exchange regulations.
Commenting on this major new development in Qatar's banking industry, Mr. Esam...
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