A new Islamic bank with a $1bn capital is expected to be set up under the Qatar Financial Centre (QFC), Al Sharq reported. The initial paid-up capital of the proposed bank would be $500m, and of this $300m will come from Qatar and the remaining $200m will be contributed by the Islamic Development Bank and Al Baraka Bank of Lebanon. The proposal to establish the said bank in Doha reflects local and international investor confidence in the strong economic fundamentals of Qatar, the daily said.
Banks operating under the QFC are not allowed to carry out retail banking activities.
The Peninsula
31 August
