Dubai Investments to lead consortium to set up an Islamic bank
Dubai Investments to lead a consortium of investors to start Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of USD100mn, according to a statement. The bank will have an authorized share capital of USD500mn. Arkan Bank will apply to Dubai Financial Services Authority for approval for a prudential Category 5 license and plans to list its shares on Nasdaq Dubai within 12 months of establishment.
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