March 28, 2008
Egyptian President Hosni Mubarak and Syrian President Bashar Assad (AP)
Gulf banks and individual investors are planning to set up a $3 billion Islamic investment bank and an Islamic stock exchange in Bahrain by 2009, the chief executive of Albaraka Banking Group BARKA.BH said.
"It will be the largest bank in the region for the issuance of sukuk and will create a secondary market for sukuk," Adnan Yousif told Reuters on Wednesday. Sukuk are bonds that comply with Islam’s ban on interest.
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