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Imaar International Bank- New Islamic Bank based in Bahrain

A new Islamic bank, Imaar International Bank, plans to start operations in the fourth quarter once it raises funds for its $11 billion paid-up capital, a Saudi newspaper reported.

The Bahrain-based venture is led by Sheikh Saleh Kamel, a Saudi businessman who has made a fortune from interests in Islamic banking through the Albaraka Banking Group as well as media assets.

Imaar Bank expects to complete raising funds from private, government-owned and public investors by the end of July, Al-Eqtisadiah newspaper quoted Kamel as saying. The capital could be raised to $110 billion, he added.

Kamel said in remarks published in July that Imaar Bank had raised $700 million in capital. -Reuters end post

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