Arab News - (MENAFN - Arab News) JEDDAH, 25 April 2007? Ten Saudi businessmen have agreed to establish an international Islamic bank in Yemen with a capital of $10 billion, in association with their counterparts in Yemen and other Gulf countries.
The announcement on the formation of the bank was made on the last day of the two-day forum, which ended in Sana'a on Monday. As many as 1,200 businessmen including 460 from the Gulf took part in the conference.
The founders of the International Islamic Union Bank (IIUB) will subscribe to 35 percent of the capital. A founding shareholder will be allowed to subscribe a maximum of 100,000 shares and a minimum of 10,000 shares. The remaining 65 percent would be floated for public subscription, according to Shihab Al-Azazi, head of the Yemeni-Gulf Business Forum. "A large number of Gulf and Yemeni businessmen have agreed to establish the bank and we have received initial approval from Yemeni authorities," Al-Eqtisadiah business daily, a sister publication of Arab News, quoted Azazi as saying. He indicated that IIUB would be established by purchasing existing banks and merging them with one another, saying that it would finance real estate, industrial, tourism and commercial projects.
"It will also support strategic and small-scale projects and businesswomen and activate investment opportunities in various sectors, in addition to providing other innovative banking services," Azazi said.