AMLAK Finance PJSC has announced Monday that it will participate in the establishment of the Al Salam Bank, a new financial institution being set up in Sudan.
The new Islamic bank in Sudan will have a capital base of US$75 million, of which 75 per cent would be contributed by the founding members. The outstanding 25 per cent will be raised through an initial public offering (IPO) in Sudan.
AMLAK will take a 5 per cent shareholding in the new bank, which has attracted other investors individuals and institutions from the UAE, Sudan, Saudi Arabia, Jordan and Lebanon.
“Exciting developments are currently underway in Sudan and AMLAK is proud to be part of a new era in the country’s growth by participating in the creation of Al Salam Bank,” said Mohammed Ali Al Hashimi, AMLAK’s Chief Executive Officer. “AMLAK has recognized the growing opportunities of a dynamic region and is committed to diversifying revenue streams.”
New oil discoveries, a rising GDP and peace in previously unstable parts of the country are all factors which have come together to make Sudan a more attractive place to invest.
“Nearly four years of solid growth and development in the UAE have set the stage for Islamic finance to realise some of its infinite potential,” Al Hashimi said. “AMLAK’s participation in the establishment of Al Salam Bank is further testimony to the company’s diversification and shift into new markets.” (menareport.com)
© 2004 Mena Report (www.menareport.com)
