Business | Banking
Channel Sponsor
Syria approves Al Baraka banking partnership
Emirates Islamic Bank, Kuwait Syrian Holding, and two Saudi investors from the Al Rajhi family have obtained Syrian government approval to partner with Bahrain-based Albaraka Banking Group to set up Al Baraka Bank-Syria.
- Bloomberg
- Published: 23:51 January 15, 2009
Dubai: Emirates Islamic Bank, Kuwait Syrian Holding, and two Saudi investors from the Al Rajhi family have obtained Syrian government approval to partner with Bahrain-based Albaraka Banking Group to set up Al Baraka Bank-Syria.
The bank plans to sell 35 per cent of its shares valued at $35 million (Dh128.57 million) in an initial public offering in Syria, said Amir Assassa, a founding member of Albaraka Bank-Syria.
The investors plan to submit required documents to the Syrian Commission on Financial Markets and Securities in 10 days and carry out the IPO at the end of the first quarter.
Assassa added in a phone interview from Damascus that Albaraka Banking Group will own 23 per cent in the Syrian bank, Syrian investors 16 per cent, Emirates Islamic 10 per cent and Kuwait Syrian Holding, which is partly owned by the Al Kharafi Group, five per cent, he said.
Share this article
More from Banking
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Experts seek solutions to global gloom
Suggestions formulated in Dubai will feature in next year's WEF
-
Qatar benefits from diversification
Doha's readiness to look beyond hydrocarbons as a growth engine bodes well
-
When the Web lives worldwide
Cutting-edge firms are building massive data facilities all over the globe
