Bahraini Islamic lender Al Baraka will expand to France next year and expects to launch a bank with a capital of EUR 100 million ($142 million) by the first half of 2012, the bank's top official said.
Al Baraka had announced in 2009 its plan to launch operations in France but had to postpone it due to the financial crisis.
"I think by the first or second quarter of 2012 you will see us operating in France ... The file was never closed. It was only postponed because of the problem in Europe," Al Baraka's chief executive Adnan Yousif said on the sidelines of an Islamic finance event in Jeddah.
"At this stage it is up to the French to start amending their laws concerning Islamic banking," he said.
The fast-growing Islamic banking institution has also decided to roll out a syndicated facility in Turkey, where it has made a strong presence.
source: CPI Financial