VOL. XL No. 2126-May-1997
Abu Dhabi Sets Up Islamic Bank
The growth of regional Islamic banking has continued with the announcement on 21May by Abu Dhabi that it will be establishing a new Islamic bank. The Abu DhabiIslamic Bank (ADIB) will have a paid-up capital of Dh1bn ($272mn), making it theworld's biggest Islamic bank in terms of capital. The bank, whose aim will be toundertake "commercial banking activities," will be 10% owned by thegovernment in Abu Dhabi whilst 24% of the capital...