Al Baraka Group chief executive Adnan Yousif said that the $10 billion Istikhlaf Bank will begin operations in Bahrain in June next year.

The bank’s inauguration will take place soon, Yousif said, adding that it would secure $10 billion capital within five years of its opening.

The bank has already made available, through subscription, a total of $3.5  billion, the equivalent of 35 per cent of the total amount, he said, noting that Al Baraka Group was still studying the possibility of entering into partnership with the bank.-TradeArabia News Service