| [The Star Online]A long-touted Islamic megabank has received approval from Bahrain and a preliminary green light from Malaysia to begin operations, an organiser said yesterday. Saudi Arabia's Sheikh Saleh Kamel who is founder and chairman of Bahrain-based Islamic bank Al Baraka and spearheaded the megabank initiative said the venture was still in discussions with Qatar to obtain a licence. The entity will likely have an authorised capital of US$3 bil, a third of which will be raised in a private placement. |
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