Kuwait's Al-Shall Consulting & Investment Company is expected to receive final approval from the cabinet by the end of February to establish the country's first Islamic bank. To be called Al-Sham Bank, it will have capital of $100 million. Foreign shareholders, who will have a 49 per cent stake in the new bank, include Kuwait's Al-Dar Investment, Commercial Bank of Kuwait, Securities Group Kuwait and Al-Shall. 'Private Syrian investors have a 26 per cent stake and the remaining 25 per cent stake will be open to local investors through an initial public offering [IPO] scheduled for early April, following final approval from the government,' says a banking source. Al-Shall is the latest Gulf financial institution to receive a licence to establish a new bank following the approval of the planned Syria Gulf Bank by the cabinet in January (MEED 3:2:06).