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Finance / United Arab Emirates

Outlook Poor For Planned Islamic 'Mega Bank' IPO

April 2009 | IPO Analysis

The chairman of the Union of Arab Banks Adnan Yousif has reiterated the plan to launch a mega Islamic bank by the end of 2009. The bank expects to raise some US$10bn in capital from GCC investors, both private and governmental, prior to its launch, in hopes of becoming one of the largest shari'a-compliant banks in the region. Yousif said that the fundraising will be divided between a US$6.5bn private placement and a US$3.5bn IPO to be launched in the fourth quarter.

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