Latest Bahrain News
Bahrain plans biggest Islamic bank in the world
Bahrain will house the biggest Islamic bank in the world, within next six to twelve months.
The creation of a planned Islamic investment mega-bank is in advanced stages at present, and will be launched within next six to twelve months.
Plans were on to form the world’s largest Sharia-compliant lender, promoted by Chairman of Al Baraka Banking Group, Sheikh Saleh Abdullah Kamel, and it has been on the works for some time.
According to Sheikh Saleh, the global financial crisis has led to delay in completion of the project, but is hoped be launched by fourth quarter of 2009.
According to Sameer Abdi, Head of Islamic Finace at Ernst & Young, the key shareholders are on board and are planning an imminent launch within six months to a year.
The new institutions, so far, had about 10 shareholders, including the Islamic Development Bank, Kuwait Real Estate Bank and Saudi Investment Bank. However, bigger Islamic Banks are vital for the industry to realize its growth potential and to compete with Islamic windows or subsidiaries of western conventional banks with large market shares in wholesale banking services.
Social Bookmarking
Read more news
> Passenger departure tax at Bahrain Airport to be revised Posted on 8/9/2010
> Lagoon Bahrain signs deal for three retail outlets Posted on 8/9/2010
> New hotline for crime reports launched in Bahrain Posted on 2/9/2010
> Bahrain passport second place in Arab world for international travel Posted on 31/8/2010
> Health Ministry plans 23 new health and medical centers Posted on 31/8/2010
> Bahrain to set up new Tourism Authority watchdog Posted on 20/8/2010
> New Prince Khalifa Garden in Riffa to be unveiled by April 2011 Posted on 20/8/2010
> Dilmun Water Park records 30percent rise in visitors Posted on 11/8/2010
> Plan underway to transform Bahrain Bay into major attraction Posted on 11/8/2010
> King Fahad Causeway to handle 100mn passengers a year Posted on 11/8/2010