Bloomberg News

IDB, Qatar and Dallah Albaraka to Set Up $1 Billion Islamic Bank

April 03, 2012

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.

The lender will be based in Doha and will help finance infrastructure projects, he said.

To contact the reporter on this story: Salma El Wardany in Khartoum at selwardany@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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