Shamil Bank announces $24.4m net profit

This compares to the $28.4m reported in the previous year, when the Bank's results benefited from a large one-off investment banking transaction that contributed to the headline figure. Total assets now stand at $2.39bn, while earnings per share is $2.7 cents.

'Buoyed by the launch of several new Sharia-compliant retail and investment vehicles, Shamil Bank expects a robust 2008. Both our commercial and investment banking businesses are experiencing rapid growth in business, and we expect this to continue for some time,' said Shamil Bank Chairman, Mohamed Abdulla Al Anqari.

'Shamil Bank is further strengthening its relationship with its sister companies in the Ithmaar banking group, which is the most diversified financial services group operating globally from the Middle East. This closer synergy has already brought many benefits to the Bank, including both cross-selling and cost saving opportunities,'

he added.

At the end of 2007, Shamil Bank reported strong gains across the board, with its total income increasing by 29 per cent to $124.3m. A dividend distribution of $30m was approved at the Bank's last Annual General Meeting.

'So far this year Shamil Bank has launched two real estate investment funds, targeting the emerging markets of Turkey, and Central and Eastern Europe. The Bank is always looking for new and different opportunities in developing markets which allow its clients to diversify their portfolios and maintain steady growth,' continued Al Anqari.

'Another important product launch for Shamil this year is Shamil Jawaher, which is designed to provide a profit rate that is higher than those offered by traditional savings schemes. The Bank will continue to bring innovative retail and investment banking products to the market, under the guidance of its new Chief Executive, Faisal Mansoor Al Alwan, who will join the Bank in mid-June 2008,' concluded Al Anqari.