U.S. $300 million donation for Dubai Islamic Bank
Regional-United Arab Emirates, Business, 5/13/1998
Islamic banks agreed on Monday to collect some U.S. $300 million to support Dubai Islamic Bank which faced financial difficulties during April. In a statement, the Islamic Bank for Development said the decision was taken in a meeting held on Monday in Jeddah by representatives of seven Islamic banks from Arab countries.
The statement added that participants in the meeting also agreed to a plan to found an Islamic bank to provide financial aid to Islamic banks which face financial problems.
The central bank in the United Arab Emirates announced last month that it appealed to the government of Dubai to protect creditors after Dubai Islamic bank -- one of the largest Islamic banks in the world -- faced financial discrepancies.
G-15 summit works begin today
Saudi finance minister: Arab initiatives underway to prepare for globalization
Abu Dhabi to spend $75 billion on development
Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.
| Advertise on ArabicNews.com. MyFlowers.com sold more than $2700 of flowers in one month advertising on ArabicNews.com! Make your company, and products a success. Special rate for new and small business. Inquire!Advertising Info