Nov. 9 (Bloomberg) -- Maybank Investment Bank Bhd. will set up an Islamic operation in Saudi Arabia as it seeks to expand in the Middle East, the Business Times reported, citing Ali Abbas Zaidi, the head of Maybank’s Islamic market division.

The venture, known as Anfaal Capital, will be jointly owned by companies including ICD, the private sector arm of the Islamic Development Bank, and the International Investment Bank of Bahrain, Ali Abbas was quoted as saying. Maybank Investment, a unit of Malayan Banking Bhd., will hold 18 percent of the company, according to the report.

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Last Updated: November 8, 2009 18:42 EST