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Private investors from Gulf Arab countries, including a royal family from the United Arab Emirates, plan to establish the first full-fledged Islamic bank headquartered in the euro zone, an executive said on Tuesday. The investors aim to launch the venture, named Eurisbank, in Luxembourg during the last quarter of 2014, said Ammar Dabbour, managing partner at Excellencia Investment Management. With initial capital of 60 million euros ($80 million), the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt.
In addition to the royal family from the UAE, Eurisbank will be owned by a bank from a country in the Gulf Cooperation Council and other private investors, said Dabbour, who declined...
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