Firm will have capital of $27.3mn and sell shares to public in initial public offering, Islamic finance firm says.
Dubai-based Islamic finance firm Mawarid says it has been approval to set up an insurance firm with a capital of 100 million dirhams ($27.25 million) and sell shares to the public, its deputy chief executive said.
"The company has received the required approval to set up an insurance company with a capital of 100 million dirhams and offer it to the public in April, and we expect to receive double the initial public offering (IPO) value," Saleh Al-Hashimi told Al-Khaleej newspaper in remarks published on Sunday.
Mawarid, which complies with Islamic law's ban on interest, will also take an 8.5% stake in the establishment of an investment bank in Bahrain with a capital of $120 million, he said.
That company might launch an IPO two years after being founded if shareholders so wish, he added.