New Islamic investment bank licensed in Bahrain

The Bahraini Fund Establishment (central bank) has licensed the establishment of a new Islamic investment bank at a total paid capital of US $62 million. In a statement the establishment said the new investment bank will work according to the principles of Islamic Sharia with the participation of financial institutions and individuals from the Arab Gulf states.

The statements said that with this license the number of Islamic banks and financial establishments licensed in Bahrain reached 16, noting that another six Islamic institutions have been licensed in Bahrain since the beginning of this 1999.