Dubai Investments will lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up-capital of $100 million, the investment company said on Tuesday.
Arkan Bank, which will have an authorised share capital of $500 million, is applying to the Dubai Financial Services Authority for approval for a licence to operate as an Islamic financial institution, it said.
It plans to offer sharia-compliant banking services and investment products to serve ultra-high-net-worth individuals, corporates, and institutional clients.
"The bank will initially focus on the GCC region and subsequently build scale and reach across its business lines, products and geographies to become the top-tier Islamic wholesale bank in the region and global arena," said Khalid Bin Kalban, chief executive of Dubai Investments, and the founder and chairman of Arkan Bank.
The bank plans to list its shares on NASDAQ Dubai within 12 months of its establishment.