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Dubai to have a new Islamic bank

Dubai is expected to have a new Islamic bank with $100 million as capital. Dubai Investments, a diversified company in which Investment Corporation of Dubai, the emirate’s sovereign wealth fund has an 11.54% stake, is leading a group of investors who will set up the bank that will list on Nasdaq Dubai. Arkan Bank, which is applying for a license to be based in Dubai International Financial Center, will have an initial paid-up capital of $100 million and authorized share capital of $500 million, Dubai Investments said. The bank plans to list its shares on Nasdaq Dubai within a year of establishment. This will be the first home-grown Islamic bank in DIFC.

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