Monday 17 October 2011

Al Hilal to keep plans on track - The National

Al Hilal Bank intends to press on with branch openings and a bond issuance, in spite of trouble on world markets and diminishing opportunities for the banking sector at home.

The Islamic lender is opening a branch in Kazakhstan this week, with three to follow in the UAE by the end of next year, as it makes inroads into markets held by more established banks.

In August, Al Hilal revealed plans for its first sukuk, of an expected size of at least US$1 billion (Dh3.67bn). Despite difficult conditions on credit markets, the bond issuance will go ahead, said Mohammad Berro, the bank's chief executive.

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