Al Emaar International Bank Formed by Saleh Kamel

MANAMA, DECEMBER 2 (BNA) --

HEAD OF THE BOARD OF DIRECTORS OF THE ISLAMIC CHAMBER OF INDUSTRY AND COMMERCE SHAIKH SALEH KAMEL HAS ANNOUNCED THAT THE CHAMBER HAS DECIDED THE SET UP AL EMAAR INTERNATIONAL BANK IN BAHRAIN WITH A CAPITAL OF USD ONE BILLION AND THAT THE CHAMBER HAD OBTAINED THE PRIMARY AUTHORISATION FROM THE BAHRAIN CENTRAL BANK.

IN A REPORT PUBLISHED IN BAHRAINI DAILY 'AL AYAM' TODAY, KAMEL SAID THE BANK WILL BE OFFICIALLY INAUGURATED IN THE FIRST HALF OF 2008.

HE SAID THAT THE PROJECT AIMED AT

• ENCOURAGING BANKING COOPERATION
• EASE CAPITAL FLOW AMONG THE ORGANISATION OF THE ISLAMIC CONFERENCE (OIC) COUNTRIES
• INCREASING INVESTMENTS IN VARIOUS SECTORS SUCH AS TOURISM, LABOUR AND COMMERCIAL EXCHANGE.
• HE SAID THE CHAMBER WAS SEEKING TO INCREASE THE GDP OF THE OIC MEMBERS THROUGH THIS PROJECT.

AS FOR SELECTING BAHRAIN AS THE HEADQUARTERS OF THE BANK, KAMEL SAID ATTRIBUTED IT TO THE STATUS ENJOYED BY BAHRAIN IN THE ISLAMIC BANKING SECTOR.

HE SAID THE CHAMBER INTENDED TO SET UP FOUR LARGE COMPANIES IN THE:

• FINANCIAL
• TOURISM
• TRAINING
• CONSIDER INVESTMENT OPPORTUNITIES IN A NUMBER OF OIC COUNTRIES.

THE PURPOSE WAS TO DEVELOP THEIR ECONOMIC, COMMERCIAL AND TOURISM ABILITIES BY IMPROVING THE HUMAN CAPITAL, STRENGTHEN EDUCATION AND TRAINING LEVELS AND FULFIL THE NEEDS OF THOSE OIC COUNTRIES WHERE THE COMMERCIAL EXCHANGE DID NOT EXCEED 13 PER CENT OF THE AMOUNT OF THEIR GLOBAL COMMERCE, AND 3 PER CENT IF WE EXCLUDE OIL EXPORTS.

JNQ//BS 02-DEC-2007 10:49