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Mon 29 Nov 2010 12:09 PM

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World's biggest Islamic bank set to launch by year end

CEO of Al Baraka Banking Group says the new bank will launch with an initial public offering of $3bn

World's biggest Islamic bank set to launch by year end

The world’s biggest Islamic bank is set to launch before the end of this year with an initial public offering of $3bn, the CEO of Al Baraka Banking Group has said.

Adnan Yousuf, who is also the chairman of the Union of Arab Banks, said the chairman of Al Baraka was currently in discussions with investors about the public offering, according to a report by the Saudi Gazette.

"We have already completed the necessary research for launching the Islamic bank and there are currently discussions between Sheikh Saleh Kamel and investors to prepare for the public offering," Yousuf was quoted as saying.

The bank announced last year will have an initial capital of $10bn through a number of initial public offerings and private stock options, the paper reports.

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