Qatar says Islamic bank to be set up with IDB

Last April the Qatari government signed a memorandum of understanding with the Islamic Development Bank and Saudi Arabia's Dallah Albaraka Group to establish an international Islamic bank with initial capital of $1 billion. Finance Minister Youssef Kamal, however, has not given details about the timing, ownership or other aspects of the new institution but said it would be set up soon.

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