Bank still open

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ALBARAKA Bank, a Saudi- Bangladeshi joint venture, is to stay open in Bangladesh - despite the forced closure of a sister bank in London.

Last week, the Bank of England refused to allow Albaraka International, which operates as an Islamic interest-free bank, a licence in London. A statement from Albaraka in Bangladesh said it was a joint venture with the Albaraka-Dallah Group of Saudi Arabia, having Bangladeshi public and private shares, whereas the London bank was wholly owned by the group.

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