Chairman of the General Council for Islamic Banks and Financial Institutions (GCIBFI) Saleh Kamel on Wednesday announced the establishment of the new Islamic Industrial and Investment Bank with a capital of $1 billion.
About 60 percent of the capital will be raised within three days as contributions by Islamic banks. In a statement, Kamel expressed hope that capitalization of the new bank would reach 100 percent within one month. "The new bank, which will be similar to that of the Islamic Development Bank, will start functioning in the beginning of next year. Unlike IDB, which is a bank of Muslim governments, the new bank will be owned by the private sector," Kamel said.
It should be mentioned that GCIBFI was founded as a non-profit international organization on May 16, 2001 with its headqurters in Manama, Bahrain. GCIBFI represents Islamic banks and financial institutions and the Islamic financial industry globally. Members of GCIBFI come from different countries, including the United Arab Emirates, Kuwait and Malaysia.