Sun rises on Singapore's first Islamic bank

Singapore welcomed its first Islamic bank on May 7, a sign of burgeoning Islamic banking activity in Asia. The Islamic Bank of Asia (IB Asia) is a joint venture between majority stakeholder DBS Bank and 22 investors from prominent families and industrial groups in Gulf Co-operation Council (GCC) countries.

IB Asia will offer services in commercial banking, corporate finance, capital market and private banking.

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

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