Chief Executive of Albaraka Banking Group Adnan Ahmed Yousef, said Sunday that the group is preparing for opening a subsidiary in Syria in July after the completion of a $100 million initial public offering.
On the sidelines of Cityscape Abu Dhabi conference for real estate sector, Yousef added that the group, which is one of the largest Islamic financial institutions in the world, focuses on expanding its network of branches in Syria, Turkey, Algeria and Jordan to about 52 subsidiaries in 2009. According to SANA, he added that the company will launch two funds of shares in May. The first fund is of $ 50 million and the other is of $ 100 million.
