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Mawarid to set up insurance firm
- United Arab Emirates: Sunday, February 03 - 2008 at 12:54
Dubai-based Islamic finance firm Mawarid says it has been approval to set up an insurance firm with a capital of AED100m and sell shares to the public, its deputy chief executive said, reported Reuters. Mawarid, which complies with Islamic law's ban on interest, will also take an 8.5 per cent stake in the establishment of an investment bank in Bahrain with a capital of $120m, he said.
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Amena Bakr, Senior ReporterSunday, February 03 - 2008 at 12:54 UAE local time (GMT+4)
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