Commerce International Merchant Bankers (CIMB) has tied-up with Saudi Arabia's Dallah Al Baraka group to form an Islamic investment banking alliance, a report said today.

The two parties have signed a memorandum of understanding in Dubai following talks between CIMB and Dallah's subsidiary, Al Tawfeek Co for Investment Funds Ltd, Bernama news agency said citing a CIMB statement.

CIMB group chief executive Nazir Razak was quoted as saying that the alliance was aimed at creating a global Islamic investment banking franchise to link markets in the Middle East and Southeast Asia.