DBS sets up first Islamic bank in Singapore

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Singapore's first Islamic bank was set up on May 7 to tap the burgeoning Islamic banking activity in Asia. It will offer services in commercial banking, corporate finance, capital market and private banking.

The Islamic Bank of Asia (IB Asia) is a joint venture between the majority stakeholder, DBS Bank, and 22 investors from prominent families and industrial groups in Gulf Co-operation Council (GCC) countries.

The bank will be incorporated with an initial paid-up capital of $418 million, with

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