Dubai Investments to launch sharia-compliant Arkan Bank | ZAWYA MENA Edition

Dubai Investments to launch sharia-compliant Arkan Bank | ZAWYA MENA Edition:

"Dubai Investments will lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up-capital of $100 million, the investment company said on Tuesday.

Arkan Bank, which will have an authorised share capital of $500 million, is applying to the Dubai Financial Services Authority for approval for a licence to operate as an Islamic financial institution, it said.

It plans to offer sharia-compliant banking services and investment products to serve ultra-high-net-worth individuals, corporates, and institutional clients."



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