Middle East Economic Survey
New $10bn Islamic Bank To Be Launched By End-2009
A new Islamic bank the Istikhlaf Bank is expected to be launched by year-end in Bahrain. The institution will be established with $10bn of capital and its shares will be listed on the Bahrain Stock Exchange and Nasdaq Dubai via an initial public offering (IPO). Investors are still in the process of selection of the shareholders, and there will be a private placement of around...