Dar eyes UK Islamic banking unit

ISLAMIC GROWTH: Investment Dar said Dar Capital would be based in London and might have capital of up to $197 million. (Getty Images)

Kuwaiti Islamic firm Investment Dar said on Monday its proposed British bank unit might start with capital of up to 100 million British pounds ($197 million).

Investment Dar, which owns 50% of British luxury maker Aston Martin, has said it planned to set up a bank in London to offer advisory services compliant with Muslim law for Gulf investors doing business in Europe.

"Initially, the capital could be between 50 and 100 million pounds," Chairman Adnan Al-Musallam told newswire Reuters on the sidelines of an economic conference.

He declined to say when Dar Capital would be launched in Britain, saying only a study to evaluate the project would be finished by year-end.

Investment Dar had previously said it wanted to set up the firm this year and turn it later into a fully-fledged Islamic investment bank.

Britain has taken steps to attract the world's booming Islamic finance industry - estimated to be worth $1 trillion in assets by 2010 - including new legislation to make Islamic transactions easier and also plans to issue a sovereign Islamic bond. (Reuters)

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