BNP Paribas sets up Islamic banking unit

BNP Paribas SA, France's largest bank, has set up a unit dedicated to selling Islamic-based investments as Western institutions compete to tap a growing market. 

The unit, based in Bahrain, would sell bonds and equity that comply with syariah, mainly to Islamic institutions in the Persian Gulf, as well as in Asian countries such as Pakistan, Malaysia and Thailand, deputy head of the unit Amin Raad said in an interview.