Almotamar.net - The establishment of a Group of International Islamic Federation Bank is announced in Yemen.

Chairman of the Yemeni-Saudi Business Forum Dr Shihab al-Aazazi chairman of the forum said in statements quoted by Tuesday by the Saudi Iktissadiya newspaper that agreement of a large number of Gulf and Yemeni investors has been reached to establish the bank and the official sides in Yemen have also given their acceptance. He said next week there will be talks with official Saudi and Gulf sides in this regard.

Al-Azazi made it clear that the bank's $10 billion capital will be distributed on 60 million stocks the price of each is $10, the founders to possess 35% of the capital and the remaining 65% will be put to underwriting fore shareholders living in Yemen where the bank is headquartered/

Dr al-Azazi affirmed that ten Saudi investors have signed memorandums of understanding and contracts for the establishment the bank group on the sidelines of the investment opportunities in Yemen conference, clarifying that he idea of the bank is based on founding a new group of banks or buying existing banks and merger them to be affiliate the bank group under a proposed name of the Group of International Islamic Federation Bank under a declared capital of $10 billion.