...As Does Jordan's Arab Bank
On a smaller scale, the Arab Bank in Jordan alsoannounced on 20 May that it has set up Jordan's second Islamic bank - Arab Islamic International Bank (AIIB) - with a capital ofJD40mn ($56.4mn), using the license of the failed 'Amman Bank for Investment, one ofJordan's six investment banks. AIIB is wholly-owned by the Arab Bank and will commenceoperations immediately under Islamic banking rules. It will operate in Jordan and plans...
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