Aug 30 2012

UAE and Bahraini investors to set up USD240m Islamic bank in Iraq

By Jafar Al Oqaily and Mohamed Alouna UAE and Bahraini businessmen have applied for a license to operate an Islamic bank in Iraq with a paid-in capital of USD 240 million, a senior executive told Zawya.

"We have applied to the Central Bank of Iraq and expect the approval to be given within six months," Abdulsalam M. Juwaied, vice president of the Iraqi Islamic Bank for Investment and Development , said.

The bank will primarily finance small and medium enterprises in compliance with Shariah principles. It will fund the establishment of schools, hospitals and care homes, Juwaied added.

© Zawya 2012

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