Wednesday, September 13, 2006

Commercial Bank International to start Islamic financial company

On September 12, Middle East North Africa Financial News Network (MENAFN) reported that the Commercial Bank International will increase its share capital in order to start an Islamic financial company. The company had wanted to make its operations completely to Islamic banking, but that was rejected by shareholders. The bank wants to raise capital to $500 million, with the bank providing 40 percent and 60 percent coming from strategic partners. It has appointed Ernst & Young to begin the search for strategic partners.

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