DUBAI INVESTMENTS, a diversified company in which Investment Corporation of Dubai, the emirate’s sovereign wealth fund has an 11.54 percent stake, is leading a group of investors who will set up a $100 million Islamic bank that will list on Nasdaq Dubai.
Arkan Bank, which is applying for a license to be based in Dubai International Financial Centre, will have an initial paid-up capital of $100m and authorised share capital of $500m, Dubai Investments said on Tuesday in a statement to Dubai Financial Market, where its shares are listed. The lender plans to list its shares on Nasdaq Dubai within a year of establishment, subject to regulatory approvals.
The Sharia-compliant lender will be the first home-grown Islamic bank in DIFC, the company said “The launch of Arkan Bank is coming at an opportune time in the UAE Islamic banking landscape,” said Khalid bin Kalban, chief executive of Dubai Investments, and the founder and chairman of Arkan Bank.
“The bank will initially focus on the GCC region and subsequently build scale and reach across its business lines, products and geographies to become the top-tier Islamic wholesale bank in the region and global arena.“