23 December 2008 JEDDAH: Islamic Chamber of Commerce and Industry Chairman Saleh Kamel yesterday outlined his plans to establish an Islamic bank with Bahrain as its base. It will have an estimated capital of $11 billion, with contribution of funds from Saudis, Bahrainis and Kuwaitis, Kamel told Arab News on the sidelines of a drive for endowments at King Abdul Aziz University.
The bank's capital will be divided into $1 billion administrative stocks, which will not be sold, and the remaining $10 billion that will be floated in public. Each year he will issue an IPO for $1 billion, Kamel said, adding that a full feasibility study for the proposed bank was currently under way.
The bank will cover the participation of people from all Islamic countries subject to the approval of their respective central banks. The bank's objectives include increasing liquidity in Islamic countries, creating an Islamic stock market and developing an exchange market for currencies among Islamic countries for their overall economic progress.
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