DBS launches the Islamic Bank of Asia

IB Asia kicks off in Singapore with initial paid-up capital of over $400 million.

DBS Bank announced Monday that it has launched The Islamic Bank of Asia IB Asia after receiving official approval from the Monetary Authority of Singapore for a full bank licence.

IB Asia's founding shareholders include majority stakeholder DBS and 22 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council GCC countries.

IB Asia will be incorporated with an initial paid-up capital of $418 million with DBS contributing $250 million and holding an initial stake of 60%....

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