New Investment Bank Launched

JEDDAH, 5 January 2004 — A new offshore Shariah-compliant bank by the name of Rusd Investment Bank has been registered in Labuan, Malaysia, according to Dr. Saleh Malaikah, the former CEO of Al-Tawfeek Company for Investment Funds and Al-Amin Bank. Labuan is a renowned banking operations environment under the supervision of LOFSA (Labuan Offshore Financial Services Authority), a press statement from the bank said. Dr. Malaikah added that Rusd Investment Bank will focus on Islamic investment and financing. “Rusd Bank is the first Malaysian offshore bank with extensive Middle East relationships, especially in the GCC and North Africa,” Dr. Malaikah said.