Shaikh Saleh Kamel, chairman of Al Baraka Banking Group, is set to launch the world's biggest Islamic bank before the end of the year, with an initial public offering of $3 billion (Dh11 billion), a top official has said.
Adnan Yousuf, CEO of Al Baraka Banking Group, who is also the chairman of the Union of Arab Banks, said: "We have already completed the necessary research for launching the Islamic bank and there are currently discussions between Shaikh Saleh Kamel and investors to prepare for the public offering."
"Under the current econ-omic climate, Shaikh Saleh Kamel did not withdraw or pull back but, on the contrary, he is accelerating the finalisation process. The Islamic banking industry needs this investment at such times.
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