Noor expands into Bahrain

by Richard Kilner

Story link: Noor expands into Bahrain

The Noor Financial Investment Company has indicated its confidence in the Bahrain banking system.

The Kuwaiti firm has said it has plans to expand into Bahrain, opening an Islamic investment bank with a share capital of $200m.

Naser Al Marri, Noor’s vice chairman, said that the expansion plan would go ahead as soon as the requisite licence was acquired, which is expected in the second quarter.

The new investment bank will be owned by Noor, Al Takhsis and other firms, who will have a 51% stake, and the remaining 49% will be offered to other potential investors.

Noor’s precise stake has yet to be decided upon.

The reason for Bahrain as the location of the new venture is because of the country’s clear Islamic regulations, and the protections afforded to foreign investors, Noor has said.

In addition to the Bahrain development, Noor has intentions to set up another investment bank in the United Arab Emirates.