Bahrain Welcomes New Islamic Development Bank

MANAMA, Bahrain, July 29, 2011 /PRNewswire-USNewswire/ -- Following recent positive economic development in the Kingdom, officials announced plans to establish a new multibillion dollar investment bank in Bahrain.

The new bank, Al-Emar Bank (the Construction Bank) will be announced formally during an Organization of Islamic Conference (OIC) meeting in December 2011, reports CPI Financial.

The bank will provide financing for projects in 57 member countries of the OIC to rehabilitate countries that have been victims of recent unrest, and finance private sector projects in compliance with Islamic Shari'ah.

The banks initial capital will be $10 billion and expand to $100 billion; the expected launch date is next January.

SOURCE Kingdom of Bahrain

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