Dubai Investments sets up new Islamic bank
This will be the first home-grown Islamic bank to operate from Dubai International Financial Centre (DIFC), the statement added. The bank will offer a fully integrated range of Shariah-compliant banking services and investment products serving the needs of UHNWIs and corporate and institutional clients through its core business lines, corporate banking, asset management and Awqaf, investment banking and treasury.
Arkan Bank is said to be applying to the Dubai Financial Services Authority (DFSA) for approval for a prudential Category 5 licence to operate as an Islamic financial institution, according to media reports and also plans to list its shares on Nasdaq Dubai within 12 months of establishment, pending the fulfilment necessary approvals.
"The bank will initially focus on the GCC region and subsequently build scale and reach across its business lines, products and geographies to become the top-tier Islamic wholesale bank in the region and global arena. Coupled with strong public markets, sukuk and mergers & acquisition outlook, the future looks optimistic for the bank and aligns with Dubais vision to become the capital of Islamic economy,” said Khalid Bin Kalban, managing director and CEO of Dubai Investments, and the founder and chairman of Arkan Bank.
Abwab Capital Limited (Abwab) is the investment advisor to Arkan Bank. Abwab is a financial services firm focusing on investments and advisory services in the MENA region and is regulated by the Dubai Financial Services Authority (DFSA).