Private investors from Gulf countries, including a royal family from the UAE, are planning to establish the first Islamic bank headquartered in Luxembourg.

With initial capital of €60 million (US$80 million), the bank will offer retail, corporate and private banking services, and will open branches in Paris, Brussels, the Netherlands and Frankfurt, according to Reuters.

Excellencia Investment Management, an Islamic fund manager based in Luxembourg, has been contracted with consultants Deloitte to handle all the procedures for establishing the Islamic bank.

Ammar Dabbour, managing partner at Excellencia, said that the investors are expecting the new venture, named Eurisbank, to be launched during the last quarter of 2014.

Dabbour added that Eurisbank will be owned by a bank from a country in the Gulf Cooperation Council (GCC) and other private investors, in addition to the royal family from the UAE.

According to Reuters, the founders of the bank may apply for a license in January and expect to obtain regulatory approvals by April.