Gulf investors are launching a new $10 billion Islamic bank and plan a $3 billion initial public offering in the fourth quarter to tap interest in sharia-compliant institutions, bank executives said on Sunday.
Adnan Ahmed Yousif, chairman of the Union of Arab Banks told Reuters on the sidelines of a banking conference in Dubai the new bank was in the "final stages" of establishing its founding shareholders and would be formed by the end of 2009.
Demand from the world's 1.3 billion Muslims for investments that comply with their beliefs has soared, and assets that comply with Islamic law are estimated at between $700 million $1 trillion.
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