Ajman plans $545m Islamic bank

The UAE's Ajman government won initial approval from the central bank to set up an Islamic lender with share capital of as much as 2 billion dirhams ($545 million), the UAE's al-Bayan newspaper reported.The Ajman government will put up at least 25% of the capital for Ajman Islamic Bank, the newspaper reported, without saying how it got the information.The remainder will be raised from Ajman citizens, the newspaper said, without giving more details.