http://www.gulf-daily-news.com/Story.asp?Article=171923&Sn=BUSI&IssueID=29352

New Islamic bank to be set up

Abu Dhabi: The Abu Dhabi government plans to set up a new Islamic bank
with an authorised capital of Dh4 billion.

Al Hilal Bank will join more than 50 local, regional and international
banks operating in the UAE, said a newspaper report.

The founders committee said in a statement that the bank would cater to
the project-related requirements and provide the credit facilities for
the private sector, which would be the backbone of the entire economic
development of the country.

It would also have all the instruments of retail and corporate banking.
It would also render consultancy services, funds management, and
portfolio finance and invest customers' funds in Sharia-compatible
financial instruments, the statement said.

+++



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