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Islamic Bank for Tirana
05 July 1994
TIRANA, Albania -- An Arab-Albanian Islamic bank has opened to promote business and investment in Europe's poorest country in accordance with "Islamic principles." The joint-venture bank, launched last week, was the second to open in Albania since the Communists were ousted three years ago. An Italian-Albanian bank started business in Tirana early last year. The Islamic bank's initial capital of $20 million eventually will reach $100 million, officials said. The Albanian National Trade Bank holds 40 percent of the capital. Twenty percent is owned by the Islamic Bank of Bahrain, and the remaining 40 percent by three banks based in Saudi Arabia.
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