Wednesday, September 27, 2006

Royal Bank of Scotland approved to open offices in Bahrain

"Bahrain grants RBS licence to open office", MENAfn, September 27, 2006

The Royal Bank of Scotland (RBS) is the latest Western bank to successfully open new branches in the Middle East. While RBS has not become involved with Islamic banking, the article cites Central Bank of Bahrain officials hints that it could become RBS's "first experiments in Islamic banking". If RBS entered the Islamic banking industry, it would join other Western banks like Deutsche Bank, Citigroup and HSBC in a rapidly growing market for Shari'ah-compliant financial products.

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