A $3 billion Islamic megabank is likely to be established in Bahrain, the chief executive of Al Baraka Bank, who also serves as an advisor for the project, said on Tuesday.
But Adnan Yousif said discussions are continuing on whether the bank will be located in Bahrain or Qatar and no dates have been finalised to launch the entity.
The proposed entity will be named Istikhlaf Bank, and will be incorporated with an authorised capital of US$10 billion and a paid-up capital of $3bn.
An announcement on the location of the bank will be made during an Organization of the Islamic Conference meeting to be held in Qatar in December 2011.
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