The Yemen Bank for Reconstruction and Development – Islamic Baranches
The Islamic Branches of the Yemen Bank for Reconstruction and Development were established in Sana’a on 16 March 2014. With a capital of $ 3 billion Riyals and in accordance with the Central Bank of Yemen’s Decision of 01/27/2014, the branches were founded as an independent entity to be 100% owned by the Yemeni Bank for Reconstruction and Development. It is worth mentioning that the Yemeni Bank for Reconstruction and Development was founded in Sana’a in 28 October 1962 as a joint stock bank with a capital of (10) ten million Yemeni Riyals. The Bank is a public-private sector mixed ownership with 51% of paid capital for Government of the Republic of Yemen and 49% for the private sector.
Since its launching, the Bank worked on founding the existing Central Bank of Yemen. It actually used to carry out all the tasks and responsibilities of the Central Bank. The Bank performs its banking operations from its headquarter in Sana’a City. With its network of 44 branches located throughout the Republic of Yemen and correspondent banks around the world, the Bank for Reconstruction and Development has pioneered in the delivery of unique banking and financial services. It has been a very strong supporter and contributing agent to Yemen’s economic development and thus, won a very prominent reputation at the local and international levels.
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