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Sun 3 Feb 2008 11:28 AM

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Dubai's Mawarid to set up insurance firm

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.

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