Cihan Bank, a leading private sector Islamic bank from Iraq, is planning to set up a representative office in the UAE and has plans to enter into tie-up with leading UAE banks, according to reports from Gulf News.
“Currently, we have an office in Dubai,” Gulf News quoted Nawzad Yahya Bajger, vice chairman of Cihan. “We are seeking to establish a representative office in the UAE in 2014.”
Cihan Bank is headquartered in Erbil has a paid-up capital of 250 billion Iraqi dinar (Dh800 million) and is owned by 100 private investors. Cihan officials see opportunities for tie-ups with UAE-based banks, which they hope will help channel investments to Iraq.
“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,” said Fayeq M. Al Obaidi, banking development consultant at Cihan Bank. “We have the local knowledge and expertise and are looking for banks and investors to join us in investing in new opportunities.”
(Source: Gulf News)