DUBAI Dec 14 Bahrain-based Bank Alkhair said on
Wednesday it had received approval from the central bank of
Pakistan to sell its stake in Pakistan's Burj Bank to a
subsidiary of Bahrain's Al Baraka Banking Group.
Al Baraka, one of the Gulf's top Islamic banks, had said in
September that its Pakistani unit, Al Baraka Pakistan, would
merge with Burj Bank to create an institution with assets
totalling more than $1.1 billion.
Bank Alkhair is an Islamic bank with a presence in Bahrain,
Saudi Arabia, Dubai, Malaysia and Turkey.
(Reporting by Tom Arnold; Editing by Andrew Torchia)