BANKING ON BUSINESS

KUWAIT CITY: A big vote of confidence in Bahrain's banking system has been made by Kuwait's Noor Financial Invest-ment Company.

It plans to set up an Islamic investment bank in Bahrain with a share capital of $200 million, the firm's vice chairman said yesterday.

"We will set up an Islamic investment bank in Bahrain with a capital of $200m as soon as we get the licence, which we expect in the second quarter," Naser Al Marri said.

Noor and a group of companies including Al Takhsis will own 51 per cent of the bank, while 49pc will be offered to other investors, Al Marri said, adding that his company's stake has not been decided yet.

"Bahrain is an important financial hub with many people knowledgeable about Islamic finance.


"We chose Bahrain, also because the regulations here are clear and they protect foreign investors."

Noor which has been expanding abroad, is owned by Kuwait's National Industries Group Holding.

The group said it plans to set up an investment bank in the UAE with a capital of $100m as well as an Islamic bank in Bahrain.