Investors from GCC countries unveiled plans on Sunday to raise $10 billion to create the world's largest Islamic bank, noting they wanted to benefit from a booming regional market for infrastructure finance.
According to Reuters, the bank was licensed during February to operate as a commercial and investment bank based on to sharia, or Islamic law, which bans lending or borrowing on interest.
The bank will start operating with a capital of $5 billion and aims at raising that to $10 billion in the first five years.
