BIsB and Islamic Bank of Yemen sign strategic partnership agreement

The signing ceremony was attended by the Yemeni Prime Minister Dr. Ali Majour, Yemeni Deputy Prime Minister for Economic Affairs, a number of Yemeni Government officials and senior officials in the two banks. The agreement was signed on behalf of BIsB by Mr. Khalid Abdulla Al Bassam, BIsb's Board Chairman. Representing the Islamic Bank of Yemen in signing the Agreement was Haj Abdul Karim Abdul Rahman Al Aswadi, Board Chairman.

The two sides expressed their pleasure at signing the agreement that brought together the most well established Islamic institutions in the banking sectors of both the Kingdom of Bahrain and the Republic of Yemen.

Commenting on this Agreement, Mr. Khalid Al Bassam said: "We in Bahrain Islamic Bank are very pleased with the level of co-operation with the Islamic Bank of Yemen that resulted in signing this agreement. This event is a reflection of our full confidence in the encouraging investment environment in the Republic of Yemen."

He added: "Indeed, BIsB is proud of the partnership with the Islamic Bank of Yemen and does value this step of the first entry by BIsB of the Yemeni market hoping that it will be a fruitful indicative for both banks and countries as well."

Meanwhile, Haj Abdul Karim Abdul Rahman Al Aswadi, Board Chairman of Islamic Bank of Yemen said: "This co-operation with BIsB is not unusual and comes as part of integration between the two institutions since this brother Bank has been one of the leading financial institutions that put its full confidence in our Bank since its inception. We do look forward to enhancing the Yemeni-Bahraini partnership in various fields."

Commenting on the recently signed agreement, Mr. Khalid Mohamed Al Dosari, Managing Director of the Islamic Bank of Yemen said:

"As a result of this Agreement, BIsB now owns a significant stake in the Bank's share capital enabling BIsB to restructure the Islamic Bank of Yemen and its management according to the internationally recognized professional rules and practices in banking."

He added: "The two sides are working on drawing up a new business plan and strategy for the coming three years to bring about a qualitative transformation of the Bank to serve the interests of both the shareholders and depositors as well as providing additional services for the Yemeni banking market."

Concluding, Mr. Al Dosari said: "The Bank is currently considering the opening of new branches in other governorates such as Hadhramut, Apine and other provinces. Moreover, the existing branches will be upgraded through the creation of the so-called comprehensive banking malls which are the latest trends on modern banking on the international level."

As part of its new policies, Islamic Bank of Yemen has signed agreements with specialized international companies for upgrading the Bank's policies including the credit policy, personnel policy, liquidity management and such other policies. The Bank will also replace the existing core banking system by introducing a more advanced modern banking system to enable it to provide the best banking services in addition to employing qualified personnel and bankers from outside the Yemeni market.