Two new board members from KSA and Kuwait join UIB

UIB's Chairman, Mr. Asaad A. A. Albanwan, announced that H.R.H. Prince Turki Bin Talal Bin Abdulaziz Al Saud, and Mr. Saad Mohammed Abdullah Al Saad, will serve on UIB's board.

The announcement came following the Bank's Annual General Meeting, held recently in the Kingdom of Bahrain, where the board of directors discussed UIB's key achievements of 2007. The Bank generated a net income of $20.9m during 2007 and increased its total assets to $383m.

UIB Chairman, Mr. Asaad A. A. Albanwan, commented: 'We at the Board wish to welcome the two new Board Members, H.R.H. Prince Turki Bin Talal Bin Abdulaziz Al Saud, and Mr. Saad Mohammed Abdullah Al Saad. These new additions to UIB's Board of Directors ensure that the organization's partners and clients continue to benefit from a wealth of regional knowledge and experience. During the last year UIB has branched out into new industries, reflecting global market trends and providing innovative investment solutions that are in accordance with Islamic principles.'

In addition to the new elections, UIB's Board of Directors comprises of Mr. Asaad A. Albanwan as Chairman of the Board, and board members H.R.H. Prince Khalid Bin Alwaleed Bin Talal Al Saud, Mr. Khalid Bin Nasser Bin Abdulla Alnasser, Mr. Yousef S. M. Almajid, Dr. Abdulla Bin Abdul Muhsin Al Turki, Mr. Mohamed Hani Abdulkader Al Bakri, Mr. Khamis Mohamed Buharoon Al Shamsi, Mr. Waleed Khalifa Al Felaij and Mr. Waleed Abdulla A. Aleisa.

UIB has an authorized share capital of $2.5bn and a paid up capital of $291m. The Bank commenced operations in the fourth quarter of 2006 and provides investment banking products and services in strict adherence to the principles of Shari'a.