The General Council for Islamic Banks and Financial Institutions (CIBAFI) is still planning to set up a mega Islamic bank. The bank, which remains under development, will fund large projects in Muslim countries.
According to the council, a committee comprising of the Islamic Development Bank, CIBAFI and selected parties has been established to follow through with the set up.
The mega Islamic bank was initially due for launch in 2006, with a capital of US$1 billion.
“In the face of the current stiff competitive environment, the advent of a really big Islamic bank will lead to an emergence of other similar big banks,” commented Azrul Azwar Ahmad Tajudin, senior economist at Bank Islam Malaysia. |
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