Dubai – Mubasher: Dubai Investments (DIC), in collaboration with a group of investors, announced the establishment of Arkan Bank with paid-up capital AED 367.25 million, and authorised capital at AED 836.25 million.

The bank’s shares will be listed on the Nasdaq Dubai exchange after 12 months of launching, according to DIC’s statement to the Dubai Financial Market (DFM).

Arkan Bank will provide sharia-compliant banking services and investment products, the Dubai-based investment group said. 

The bank will include four main sectors; namely corporate banking, asset management and awqaf, investment banking, and treasury, the statement showed. 

Arkan Bank will apply to the Dubai Financial Services Authority (DFSA) to obtain approval for a prudential category 5 licences to operate as an Islamic financial institution.

The new entity will initially focus on providing services for the GCC, DIC CEO Khalid bin Kalban said, adding that it will expand in the coming period to be the top Islamic wholesale bank in the region and internationally.

Abwab Capital Limited is the investment advisor for Arkan Bank, the statement highlighted.