Salam Bank expects profit to grow by at least 20 per cent this year and plans to expand in Arab and Islamic countries, the lender's deputy chairman told Al Arabiya television on Wednesday.

 

"There will be expansion into some Arab and Islamic countries, from Morocco and Libya to Indonesia and Syria," Hussain Al Meeza told the television station.

 

Asked about his expectations for profit growth in 2008, he said, "Our plan is to grow at a rate of no less than 20 to 25 per cent annually".

 

The bank, which is also listed in Bahrain listed shares on the Dubai Financial Market on Wednesday.

 

Al Salam, which operates according to Islamic law, said last May it expected to enter the European market within two years.

 

The lender's chairman, Mohamed Alabbar, who also heads Emaar Properties' board, said the bank could potentially cooperate with the largest Arab real estate firm by market value.

 

"Cooperation between Al Salam Bank and Emaar or any other company is the foundation of (our) work...I am sure there will be cooperation," Alabbar told Al Arabiya in a separate interview, without being more specific. (Reuters)