Albaraka Banking Group chief executive officer Adnan Yousif said the bank is in talk with the Chinese shareholders of the non-Shariah compliant bank and expects to invest as much as $100m in the deal, although he did not mention the name of the bank.
"We would like to do it before the end of the year. Albaraka will "inject new capital and turn it into an Islamic bank," Yousif said.
Al Baraka, which runs its businesses in 15 countries such as Turkey, Syria and Egypt, posted a 2011 full-year profit of $212m, up 10% compared to $193m profit during the same period in 2010.
Yousif was quoted as saying by Kippreport, "We see a 15% growth in this year’s net profit, much better than last year."
