| From Thefinancialdaily.com: Sponsors of a long awaited Islamic bank with a capital of US$3 billion will be launched in 2011.Saudi Arabia’s Sheikh Saleh Kamel, founder and chairman of Bahrain-based Islamic Bank Al Baraka, has spearheaded an initiative to establish a global Islamic mega bank but the plan has been touted for years.
He said the next steps would be discussed in December at a meeting with the Islamic Development Bank (IDB), the Saudi-based organisation that is trying to develop an international Islamic capital market through regular issues of Islamic bonds...........................................Full Article: Source
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