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Wednesday, 25 November 2009 18:31 UAE time

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Investment Dar gets nod for $1bn bank

by Reuters on Monday, 23 July 2007

Kuwaiti Islamic investment firm Investment Dar on Monday said it had received final approval from Bahrain's central bank to set up an Islamic lender in Bahrain with capital of $1 billion.

The firm said in a statement on the bourse Web site that the bank, called Dar al-Istithmar, would have a paid up capital of $200 million.

The bank's founding committee would meet on Thursday to appoint its board, it added.

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Chairman Adnan al-Musallam said in March the Bahraini bank was part of Investment Dar's plans to expand in the Gulf.

Investment Dar operates in compliance with Islamic law, or sharia, which bans borrowing on interest.

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