Manama is due to set up a new investment bank, Al-Emar Bank in January 2012.

It will be formally announced during an Organisation of Islamic Conference (OIC) meeting in December this year.

The bank will be established to provide financing for projects in OIC’s 57 member countries to rehabilitate countries that have suffered during the Arab Spring and to finance private sector projects in compliance with Sharia law.

Al-Emar Bank will have an initial capital of $10bn, which will later be increased to $100bn to implement a 10-year plan from the Islamic Chamber of Commerce & Industry to help provide funding for small to medium-sized enterprises and decrease the level of unemployment in the member countries.