Investors plan $500m Islamic bank in Dubai
Investors plan to set up an Islamic investment bank in Dubai with a paid-up capital of $500 million, according to a report published in al-Bayan on Wednesday.
The bank, which will have an authorised capital of $1 billion, will invest in shares, hedge funds and structured products among other activities, the newspaper said, citing an assessment report by Global House -Bahrain.
Dubai International Financial Center (DIFC) will be among the main investors in Rashed Investment Bank, alongside businessmen from the UAE, Kuwait and Saudi Arabia, the newspaper added.
The bank’s headquarters would be at the DIFC. Islamic law bans the receipt of interest and dealing in alcohol.
