News Brief about Royal Bank of Scotland and Shariah Finance

Middle EastRoyal Bank of Scotland Group had rebranded all the ABN AMRO businesses it took over in the GCC states last year, including United Arab Emirates and Qatar.

Bahrain’s Albaraka Banking Group (ABG) has seen a surge in its net profit by 62%. The results for the first half of 2008 showed net income increased to $107.98 million in the first half of 2008 compared to $66.79 million for the same period of 2007. https://www.theasianbanker.com/A556C5/Update.nsf/0/53ACD4D79D1A43A9482574C500090C06?Opendocument

Dubai Islamic Bank said it would buy a majority stake in the Industrial Development Bank of Jordan with a view to convert it into an Islamic-compliant institution. The acquisition will take place through a joint venture with Dubai International Capital and Jordan Dubai Capital. The bank would be rebranded as Jordan Dubai Islamic Bank if the deal is finalised.