‘We have several Islamic institutions and high net worth individuals on board as the main shareholders,’ says Abdulatif al-Meer, QIB’s assistant general manager for investment. ‘The bank will concentrate chiefly on investment funds, asset management and private banking.’ A licence application was lodged in 2003 with the UK’s Financial Services Authority, for the establishment of Islamic Bank of Britain by mainly Gulf shareholders. A decision is expected in the third quarter (MEED 21:11:03).