Islamic Bank of Asia gets Dubai backing

by Lynne Roberts Sunday, 20 May 2007

Dubai Investments has acquired a 5% stake in the Islamic Bank of Asia, the first Sharia compliant bank in Singapore.

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The newly-established bank begins operations this month with initial capital of $500 million. It will operate as a subsidiary of the Development Bank of Singapore, the largest bank in South East Asia by assets.
The Islamic Bank of Asia will offer a range of Islamic financial products and aims to expand gradually from Singapore to Asian and GCC countries.



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