Sheikh Saleh Kamel, the head of Al Baraka Banking Group, says that a $100 billion Islamic mega-bank is possible in 5 to 7 years. The bank which will be called Emaar, will be established in Bahrain and start with $1 billion and reach $100 billion in 5 years. Sheikh Kamel believes the bank will increase liquidity in Islamic banking.
EPF will complete the purchase of RHB by July 2007 after receiving approval from Bank Negara Malaysia, the Malaysian central bank.
HSBC plans to open a fully Islamic banking subsidiary in Malaysia, pending BNM approval.
DBS Group received the first license to open an Islamic bank in Singapore. The bank hired four Shari'ah scholars including Sheikh Nizam Yaqouby, a prominent scholar.
The head of the Labuan Offshore Financial Services Authoriy (LOFSA) says Islamic banking requires a solid regulatory framework to esure future growth.