NO. 17


Financial and Banking News

Investment Activities

New Islamic Bank Established in Bahrain

The Arab Islamic Bank will open for business as an Islamic bank in Bahrain,with a capital of $25mn, on 1 March. This is the fourth commercial bank licensedto operate according to Islamic banking criteria in Bahrain. The chairman ofits board of directors is Mr. Hisham 'Ali Hafiz, who is the publisher of theSaudi-owned London-based daily, al-Sharq al-Awsat. The Deputy Chairman...