name: Asian Islamic Bank
The Islamic Bank of Asia is a local bank in Singapore. On May 7, 2007, DBS Bank launched the Asian Islamic Bank after receiving the official approval of the Banking License from the Monetary Authority of Singapore.
The founding shareholders of the Asian Islamic Bank in Asia include the majority of DBS Bank’s stakeholders, 34 Middle Eastern investors and the National Gulf Cooperation Council Industrial Group.
When the Asian Islamic Bank was incorporated, the capital was US$500 million. DBS Bank invested US$250 million and held 50% of the shares. The Asian Islamic Bank began operations and will focus on commercial banking, corporate finance, capital markets and private banking services.
The Asian Islamic Bank has an eight-member board of directors, with Bahrain’s economic affairs consultant Abdullah Hassan Saif as its chairman. Its CEO is Vince Cook and its parent company is DBS Bank.
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