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It seems that a long-awaited mega Islamic bank with the headquarter in Bahrain may be launched this year and $600 million of its $one billion capital will be contributed by Islamic banks in the Arab region.
The remaining capital will be subscribed by local sovereign wealth funds and other financial institutions and investors.
According to Adnan Youssef, chairman of the Beirut-based Union of Arab Banks (UAB), first noted that the bank would have a capital of $10 billion and would be a joint venture between regional Islamic banks and other investors.
Arab banks are expected to gain nearly $300 billion in assets at the end of 2010 in order to surpass the region's gross domestic product. This should help them expand their role in the domestic economy.
Adnan Yousuf, Chairman of the Union of Arab Banks (UAB), has the strong oppinion that deposits with the banks as well as their capital are also projected to sharply grow by the end of this year as banks pull out of the clutches of the 2008 global fiscal distress.