Muslim Nations Plan to Set Up Islamic Bank
06.22.2005, 06:22 AM

Muslim bankers and regulators announced plans Wednesday to set up a global Islamic bank by next year that could rival Western lenders and to chart a 10-year blueprint to bolster growth in the Islamic financial sector.

The Bahrain-based Albaraka Banking Group will take up a 10 percent stake in the US$1 billion (euro824 million) bank to be known as the Emaar International Group, said Saleh A. Kamal, chairman of the General Council for Islamic Banks and Financial Institutions, which proposed the project.

http://www.forbes.com/associatedpress/feeds/ap/2005/06/22/ap2105297.html