The Islamic Bank of Asia
Encyclopedia
DBS Bank
launched The Islamic Bank of Asia (IB Asia) on May 7, 2007 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 34 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council (GCC) countries.
IB Asia is incorporated with a paid-up capital of USD500 million with DBS contributing USD250 million and holding a majority stake of 50 percent plus one share.
IB Asia will be a subsidiary of DBS based in Singapore
, and will commence operations on separate ground floor offices in DBS' headquarter facilities and will focus on commercial banking, corporate finance, capital market and private banking services.
IB Asia will have an eight-member board of directors with His Excellency, Abdulla Hasan Saif, Advisor for Economic Affairs to the Prime Minister, Bahrain, as Chairman.
The launch of IB Asia follows DBS' stepped-up participation in the Middle East markets. In the last two years, DBS has placed a significant portion of large, landmark equity IPOs and securitisations in the Middle East. Last April, DBS was among the first few Asia-based banks to receive a banking licence from the Dubai International Financial Centre
DBS Bank
DBS Bank Ltd is a bank incorporated in Singapore. It was previously known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank....
launched The Islamic Bank of Asia (IB Asia) on May 7, 2007 after receiving official approval from the Monetary Authority of Singapore
Monetary Authority of Singapore
The Monetary Authority of Singapore is Singapore's central bank and financial regulatory authority...
for a full bank licence. IB Asia's founding shareholders include majority stakeholder DBS and 34 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council (GCC) countries.
IB Asia is incorporated with a paid-up capital of USD500 million with DBS contributing USD250 million and holding a majority stake of 50 percent plus one share.
IB Asia will be a subsidiary of DBS based in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, and will commence operations on separate ground floor offices in DBS' headquarter facilities and will focus on commercial banking, corporate finance, capital market and private banking services.
IB Asia will have an eight-member board of directors with His Excellency, Abdulla Hasan Saif, Advisor for Economic Affairs to the Prime Minister, Bahrain, as Chairman.
The launch of IB Asia follows DBS' stepped-up participation in the Middle East markets. In the last two years, DBS has placed a significant portion of large, landmark equity IPOs and securitisations in the Middle East. Last April, DBS was among the first few Asia-based banks to receive a banking licence from the Dubai International Financial Centre