By John Lee.
Erbil-based Cihan Bank, a privately-owned Islamic bank, is about to launch a $100 million investment fund focused on opportunities in Iraq, and is planning to expand its operations in the UAE.
Vice-Chairman Nawzad Yahya Bajger told Gulf News:
“Currently, we have an office in Dubai. We are seeking to establish a representative office in the UAE in 2014.”
Fayeq M. Al Obaidi, banking development consultant at the bank, added:
“After prolonged period of war and unrest, Iraq is now open for business with huge opportunities in infrastructure, healthcare, oil & gas, power and education sectors to name a few. We have the local knowledge and expertise and are looking for banks and investors to join us in investing in new opportunities.”
The bank has paid-up capital of 250 billion Iraqi dinar and is owned by 100 private investors.