The fact that this growing market mobilizes for economical leaps connected with political and security stability, and it is a market which is insufficiently banking served, Aayan in cooperation with an elite group of Iraqi investors have established the first Islamic bank there, and it is expected that the bank will start its works in Baghdad and in secure areas in the north to serve foreign companies and Kurds, indicating that Iraqi north areas are definitely not been served just like other Iraqi areas, he added
He declared that Aayan’s percentage is 35% while the total percentage of the Kuwaiti side is 49% of the capital that comes down to 50 milliards Iraq Dinars, which is equivalent to 35 millions USD, Al Aayan alone has also got the administration right for five years according to an agreement that has been signed with the founders.
He confirmed that Aayan company for rent and investment has deposited its share of the capital, and subscription procedures are on going, as currently there is a general subscription process for Iraqi people in about 20% of the bank capital, according to the Iraqi central bank demand.
He also indicated that Iraq has turned from being a threaten source and fears wellhead in the past under the former regime to be a source for investment opportunities in all market sectors, and it is expected that gulf and Kuwaiti companies will get more interests and opportunities related to reconstruction process.
(Source) Al Qabas
