Thursday, 08 January 2009
updated 1 minute ago
09:17 UAE time

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Al Salam and HSH Nordbank in Islamic finance venture

by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 01 December 2008

DIFC LOCATION: Al Salam has said it intends to register the joint venture with DIFC (pictured). (Getty Images)

Dubai-based Al Salam Investment and HSH Nordbank plan to launch an Islamic finance house in 2009, as the German bank looks to tap the Islamic finance sector in the Gulf Arab region.

"We see opportunity and change in this region and this partnership will ensure we have the financial muscle and expertise to be at the forefront of the turnaround," said Pegman Haghshenas, chief executive of Al Salam Investment, in a statement on Sunday.

No details on the value of the joint venture were given.

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The company will likely register on the Dubai International Financial Centre, Haghshenas told newswire Reuters.

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