The bank, to be called the First Energy Bank, has obtained 'in principle' approval from the Central Bank of Bahrain.
The new bank will focus on the investment, financing and service needs of the energy sector and follow the principles of Sharia law, it said in a statement on its website.
"A great opportunity comes from the significant demand that is projected for investment in the global energy sector over the next 25 years," said chairman and founder of the bank, Esam Janahi.
"First Energy Bank is a response to this imperative and we're proud to be associated with a Sharia'a banking concept that will be the very first to offer exclusively tailored investment, financing and service solutions to the energy industry."
Islamic law prevents the collection and payment of interest and prohibits investments that are considered to go against Islamic values.
The bank is the latest strategic initiative from the Bahrain-based Gulf Finance House, designed to capitalise on growing demand for investment in the global energy industry.
According to the International Energy Agency's World Energy Outlook 2007, the energy infrastructure for the Middle East-North Africa region requires approximately 56 billion dollars per year from now until 2030.
This suggests the region's energy sector will need 280 billion dollars in investment within the next five years.
Güncelleme Tarihi: 21 Şubat 2008, 15:16