IDB, Qatar and Dallah Albaraka to Set Up $1 Billion Islamic Bank
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The Islamic Development Bank, Dallah Albaraka Group and the Qatari government signed a memorandum of understanding to set up an Islamic Bank with a paid up capital of $1 billion.
The so-called Mega Islamic Bank shall provide “liquidity-management solutions in an effort to create an Islamic interbank market,” Ahmad Mohamed Ali Al-Madani, chairman of IDB, a Jeddah-based multilateral lender, said. The bank will have a subscribed capital of $500 million, he said during the signing ceremony at IDB’s annual meeting in the Sudanese capital, Khartoum.