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Sunday, 29 July 2007

International Islamic Union Bank wants Yemen’s banking law changed


The International Islamic Union Bank, which has a capital of $100 million, will not come to Yemen unless the Central Bank of Yemen amends an article in its Islamic banking law that allows foreign investors to own just 20 percent of the bank’s capital, said head of the foundation committee Shihab al-Azazi. Preparations for setting up a bureau of the International Islamic Union Bank in Yemen have been completed, al-Azazi said. But the bank refuses to begin setting up here until its demands are met. Al-Azazi called upon the Yemeni government to amend the current law that allows foreign investors to have only 20 percent of any project’s capital, demanding that foreign companies be allowed to own 50 percent. The Central Bank of Yemen is considering the amendment of the Islamic banking law, said Ahmed Dameem, the Deputy Governor of the Central Bank of Yemen. - (Yemen Observer, 28 July 07)

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