The Bahrain-based Shamil Bank recently announced it would open branch in Yemen in April, with a $12 million investment. The Bank will hold a 25 percent stake in the new location while Yemeni shareholders will own the rest.
Chief executive of the bank Said Al-Martan said the financial institution also plans to open branches later this year in Saudi Arabia and the United Arab Emirates (UAE) if it receives approval from monetary authorities in the Gulf Arab states.
Shamil Bank is owned by the Dar Al-Maal Al-Islami (DMI) Group.DMI and has a paid-up capital of $230 million. With managed assets totaling three billion dollars, Shamil’s banking procedures comply fully with Islamic religious codes. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
