JEDDAH, 12 September 2006 — A new international Islamic investment bank with $1 billion in capital is poised to soon begin operations, according to the President of the Islamic Chamber of Commerce and Industry (ICCI) Saleh Kamel.
In a press conference held on Sunday at the Jeddah Chamber of Commerce and Industry (JCCI) Kamel announced that the new Islamic bank will be called the Eamar International Bank and will be open for participation to Islamic banks, financial institutions, public agencies and “individuals of high solvency.”
“The bank will not deal directly with the public and its specialty would be to explore and finance investment opportunities as well as the securitization of investments and the liquidity management of banks and financial institutions,” Kamel said.
At the press conference Kamel also released a report about the ICCI’s ten-year vision and action-plan. Kamel added that the ICCI has not decided from which country to operate from and are contemplating of possibly establishing a bank in Saudi Arabia, Malaysia, Bahrain or the UAE.
Kamel said that the ICCI is also advocating an open multiple-entry visa valid for five years to be given to a business company operating in an Organization of the Islamic Conference (OIC) member country. The aim of this visa is to facilitate mobility of Muslim businessmen to enter an OIC member country and enhance cooperation in order to promote the trade, investment rates and manpower.
Other projects proposed by the ICCI include the establishment of an international organization to collect the compulsory Muslim annual alms called Zakat. According to Kamel, among plans that the ICCI is also contemplating is an investment company for OIC businessmen and corporate bodies to participate in, a Muslim business association, a media company, establishment of free trade zones between Muslim countries and the founding of manpower recruitment and training companies.
Kamel said that there is an urgent need to develop and upgrade the commercial ties between the Muslim world especially since the common trade between OIC members is only 13 percent — a figure that stoops as low as two percent when excluding oil and gas revenue.