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Dubai Investments to set up Islamic bank

A consortium led by Dubai Investments PJSC will set up a wholesale Islamic financial institution called Arkan Bank, Reuters reported March 20, citing the company.

The new bank is applying to the Dubai Financial Services Authority for a license to provide sharia-compliant banking and investment services to ultra-high-net-worth individuals and corporate as well as institutional clients. With an initial focus on the Gulf region, the bank eventually plans to expand globally, the newswire said, citing Dubai Investments CEO Khalid Bin Kalban, who is also the founder and chairman of Arkan Bank.

The new bank, which will start operations with $100 million of initial paid-up capital and an authorized share capital of $500 million, is eyeing a listing on the NASDAQ Dubai exchange within 12 months of its creation, according to the report.