Riyadh, Asharq Al-Awsat- Salih Kamil, the chairman of the General Council of Islamic Banks (GCIB) has revealed to Asharq Al-Awsat that steps toward the establishment of a mega Islamic investment bank will be finalized by the end of the first quarter of 2008.
According to Kamil, the bank is expected to raise $100 billion and concentrate on investment in all fields.
The bank will aim to increase exports from Islamic countries and decrease imports. It will also aim to expand ties between Islamic companies. Its main focus will be investment in new technologies, although it will also invest in traditional agricultural and trade industries.
So far, the bank has managed to raise $1 billion and is expected to raise the full amount by the end of 2008. The capital to date has been invested primarily by Bahrain’s Al-Baraka Banking Group ($100 million) and the Kuwait Real Estate Bank ($20 million).