Qatar to set up $1bn global Islamic bank
- Qatar: Tuesday, March 12 - 2013 at 05:51
Qatari finance minister Youssef Kamal has said the government expects to proceed soon with its plan to establish an international Islamic bank, Reuters has reported. Last April the Qatari government had signed a memorandum of understanding with the Jeddah-based Islamic Development Bank and Saudi Arabia's Dallah Albaraka Group to establish a bank with initial capital of $1bn. Asked on Monday when the bank would be set up, Kamal replied: "Soon." He did not elaborate on the timing, ownership or other aspects of the new institution.
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