Mubasher: Cairo Amman Bank (CABK) said it obtained the approval of Central Bank of Jordan (CBJ) and Palestinian Monetary Authority (PMA) to establish an Islamic bank in Palestine, the lender said in a bourse statement.
CABK will own 35% of the new lender’s capital reaching $75 million, while the founders and partners will hold 37.5% and the remaining equity will be offered in a public subscription at a par value of $1 each.
The new bank will likely start operation in the first quarter of 2016.
CABK operates with JOD 125 million in capital, divided into 125 million shares at a par value of JOD 1 each.
