Adnan Youssef, who is also the Chairman of the Union of Arab Banks said, "We have already completed the necessary research for launching the Islamic bank and there are currently discussions between Sheikh Saleh Kamel and investors to prepare for the public offering."
"Under the current economic climate, Sheikh Saleh Kamel did not withdraw or pull back but on the contrary, he is accelerating the finalization process. The Islamic banking industry needs this investment at such times," he added.
The 'mega bank' announced last year will have an initial capital of $10bn through a number of initial public offerings and private stock options.
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Sheikh Saleh Kamel to launch world's largest Islamic bank in 2009, says CEO of Al Baraka Banking Group
- United Arab Emirates: Wednesday, April 01 - 2009 at 09:55
- PRESS RELEASE
In an interview with CNBC Arabiya, Adnan Yousef, CEO of Al Baraka Banking Group, said that Sheikh Saleh Kamel, Chairman of Al Baraka Banking Group, is heading an alliance to launch the world's biggest Islamic bank before the end of this year, with an initial public offering of $3bn.
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Posted by Rana MesbahWednesday, April 01 - 2009 at 09:55 UAE local time (GMT+4)
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