Middle East News: $10 Billion Islamic Mega-Bank Planned

Special Report

Speaking to reporters at the 2009 Arab Banking Conference in Dubai, United Arab Emirates (UAE), Yousif said the institution will be called "Istikhlaf Bank" and its shares will be listed on the Bahrain Stock Exchange and Nasdaq Dubai via an initial $3.5 billion public offering, which will take place in the fourth quarter.

A private placement of $6.5 billion will also be made, which so far, Yousif says, has attracted eight shareholders, including private and semi-governmental Gulf investors. Yousif

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