Gulf investors plan first euro zone Islamic bank in Luxembourg | ASHARQ AL-AWSAT

Gulf investors plan first euro zone Islamic bank in Luxembourg | ASHARQ AL-AWSAT:

"Private investors from Gulf Arab countries, including a royal family from the United Arab Emirates, plan to establish the first full-fledged Islamic bank headquartered in the euro zone, an executive said on Tuesday.

The investors aim to launch the venture, named Eurisbank, in Luxembourg during the last quarter of 2014, said Ammar Dabbour, managing partner at Excellencia Investment Management.

With initial capital of EUR 60 million, the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt."

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