Investors apply for new Islamic bank [Archives:2004/789/Local News]

November 11 2004

Investors from Qatar and Yemen have applied to the Yemeni Central Bank for a permit to establish Islamic Bank in Sana'a with a capital value of $100 million.
Ahmed Abdulrehman al-Samawi, Governor of the Yemeni Central Bank, told media that the Qatari application has been referred to the Control Sector over the banks for study, along with similar applications applied by Yemeni businessmen.
“Yemen is at present working for joining consolidated Gulf Banking Network within the Regional Integration frame,” he said.
Mr. al-Samawi pointed out that the project of Electronic Payment and Banking Operations Law, admitted finally by the Primes Council, is considered as a necessary step imposed by world improvement groups in the line of financial and banking transactions.
The Governor of the Central Bank emphasized that the cash policy has contributed effective in amending the successful economical progress which was implemented in the framework of the comprehensive economical reform program.
He advised as well that the foreign assets of the Central Bank has exceeded one trillion YR (about $5.4 billion), covering five months imports until the end of the current year.
It is mentioned that the Yemeni Central Bank has previously emphasized that a decree stipulates that the capital of any new bank or a foreign bank branch wishing to work in Yemen should not be less than $30 million as a minimum, so as to cope up with the international directives suitable to the appropriate banking requirements and capital sufficiency.