Yemen Islamic bank expanding operations to Arab world
Yemen's Tadhamon International Islamic Bank (TIIB) plans to venture into three new markets in the Arab world—the United Arab Emirates (UAE), Syria and Egypt. “We have done initial studies and found these markets are good," Omar Abdo Kaid, TIIB assistant managing director and board member, told Gulf News. He added that the bank will soon apply to the relevant central banks for permission to open shop.
One of three Islamic banks currently operating in Yemen, TIIB’s total assets amounted to 38 billion Yemeni rials ($214 million) at the end of financial year 2001. The bank’s reported net income of YR373.3 million that year. Inaugurated in 1996, with authorized capital of YR2.25 billion, the bank has 13 branches throughout Yemen. — (menareport.com)
© 2003 Mena Report (www.menareport.com)