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Article: New Islamic bank aims for Asia. (First Islamic Investment Bank)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- January 10, 1997
CopyrightCOPYRIGHT 1997 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A new Bahrain-based Islamic investment bank, First Islamic Investment Bank (FIIB), will target Southeast Asia, the Gulf and the US, a senior bank official says.
FIIB was set up by the Al-Jomaih group of Saudi Arabia and Majestic Global Investments (MGI), an Islamic finance house based in Kuwait. The new bank, which currently has six executive staff, has taken over MGI and holds a 35 per cent stake in a Malaysian finance house, Commerce MGI (MEED 29:11:96).
"Our aim is to be a Western investment bank doing halal business," says Atif Abdel-Malik, a member of FIIB's management committee. He says the bank will do corporate finance business and manage investors' ...