DUBAI: Dubai Investments will lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up-capital of $100 million (Dh367 million), the investment company said on Tuesday.

Arkan Bank, which will have an authorised share capital of $500 million, is applying to the Dubai Financial Services Authority for approval for a licence to operate as an Islamic financial institution, it said.

It plans to offer Sharia-compliant banking services and investment products to serve ultra-high-net-worth individuals, corporates, and institutional clients. The bank plans to list its shares on Nasdaq Dubai within 12 months of its establishment. (Reuters)