(Sukuk.net - Arab News) Al-Baraka Banking Group Chairman Saleh Kamel is heading an alliance to launch the world's biggest Islamic bank before the end of 2009, with an initial public offering of $3 billion.

"We have already completed the necessary research for launching the Islamic bank and there are currently discussions between Kamel and investors to prepare for the public offering," Adnan Youssef, who is also the chairman of the Union of Arab Banks, said on Tuesday.

"Under the current economic climate, Kamel did not withdraw or pull back but, on the contrary, he is accelerating the finalization process. The Islamic banking industry needs this investment at such times", he said in an interview on CNBC Arabia, one of the Arab world's 24-hour Arabic language financial and business information free-to-air channel in the Middle East, broadcast from Dubai Media City, which has bureaus in Riyadh, Jeddah, Abu Dhabi, Cairo, Kuwait, Bahrain and Qatar, in addition to its correspondents reporting from London.

The mega bank announced last year will have an initial capital of $10 billion through a number of initial public offerings and private stock options.
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