Saudis Plan Islamic Sharia Megabank

Aljazeera.Net - Saudi plans Islamic megabank: "Sheikh Saleh Kamil told investors at an Islamic finance conference in London on Tuesday, that creating viable, liquid Sharia-compliant financial instruments and a healthy secondary market for them requires adequately capitalised banks and financial institutions.

Calling the project Emaar International Group, Kamil said: 'The authorised capital shall be $1 billion to be paid in instalments according to demand.

'Hence, it shall be the first private Islamic bank of its kind in capital terms.'

Kamil said that only 10 Islamic banks have capital that exceeds $200 million, and only one has capital that exceeds $500 million." More... (Aljazeera.Net)

Any doubt where these assets will be invested? More Wahabi schools perhaps? What are your thoughts?