The creation of a planned Islamic investment megabank is in ‘fairly advanced stages’ and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday.

A plan to form the world’s largest sharia-compliant lender – which is being promoted by the chairman of Al Baraka Banking Group Sheikh Saleh Abdulla Kamel – has been in the works for some years.

Sheikh Saleh said in April the new institution so far had about 10 shareholders, including the Islamic Development Bank, Saudi Investment bank and the Kuwait Real Estate Bank.

Possible jurisdictions to host the bank include Malaysia and Bahrain, with a third being considered…

http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_491960.html?

Note that Al Baraka banking group has appeared on our radar screens before. We profiled the group and its CEO last June. Their involvement in the creation of an Islamic “megabank” seems perfectly in line with past strategy and their corporate vision…

http://www.shariahfinancewatch.org/2009/06/19/adnan-yousif-the-godfather-of-global-shariah-compliant-finance/

 

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