Dubai Investments to launch Islamic bank

A group of investors led by Dubai Investments is to set up an Islamic bank that will list on Nasdaq Dubai.

Arkan Bank will be based in the Dubai International Financial Centre (DIFC) and have initial paid-up capital of $100 million and authorised share capital of $500 million, according to a statement issued by Dubai Investments to local exchange Dubai Financial Market.

The new bank, which would be the first homegrown Islamic Bank in the DIFC, would be listed on Nasdaq Dubai within its first year pending regulatory approval, said Dubai Investments.

Arkan will aim to provide sharia-compliant banking services and investment products to corporates, institutional investors and ultra-high-net-worth individuals across the Gulf region.

According to Khalid bin Kalban, managing director and chief executive of Dubai Investments and also the founder and chairman of Arkan Bank, the launch “aligns with Dubai’s vision to become the capital of the Islamic economy”.

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