£100m capital for Dar UK bank - Emirates24|7

£100m capital for Dar UK bank

Kuwaiti Islamic firm Investment Dar said yesterday its proposed British bank unit might start with a capital of up to £100 million (Dh730m). Investment Dar, which owns 50 per cent of British luxury car maker Aston Martin, has said it planned to set up a bank in London to offer Shariah-compliant advisory services for Gulf investors doing business in Europe.

"Initially, the capital could be between £50 and £100m," Chairman Adnan Al Musallam said on the sidelines of an economic conference. He declined to say when Dar Capital would be launched in Britain, saying only a study to evaluate the project would be finished by year-end.

Britain has taken steps to attract the world's booming Islamic finance industry – estimated to be worth $1 trillion (Dh3.67trn) in assets by 2010 – including new legislation to make Islamic transactions easier and also plans to issue a sovereign Islamic bond. (Reuters)