Cihan Bank Plans $100m Fund

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.

(Source: GulfNews)

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