Tuesday, Feb 16, 2010 BEIRUT ( Dow Jones)--The Central Bank of the United Arab Emirates hasn't received yet any application for a license for a new Islamic bank that would result from the merger of the local shariah-compliant finance companies Amlak Finance and Tamweel, Abu Dhabi-based Al Ittihad daily reports Tuesday citing Sultan Al Suweidi, the central bank's governor. The committee supervising the merger process had proposed that the companies should merge into an Islamic bank in early 2010 but this requires the approval of the two firms' shareholders, the paper reports. In related news, the ministerial committee in charge of the Amlak/Tamweel file has earmarked 2 billion U.A.E. dirhams ($544.5 million) that will be injected in the two companies after a final decision is reached regarding the proposed merger, the daily reports. Newspaper Web site: www.alittihad.ae -By Beirut Bureau, Dow Jones; +961-1-985 757; BeirutZDJ@.com Copyright (c) 2010 Dow Jones & Co. (END) Dow Jones Newswires 16-02-10 0520GMT
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