Bahrain Islamic Bank profits increase by 144%

In a press release issued by BisB today, the first half 2008 financial results were announced. During this period, the Bank made BD26m in net profits an increase of 144% compared with BD10.6m made during the same period of 2007.

In a statement, Mr. Khalid Abdulla Albassam, BisB Board Chairman said,

"This excellent performance is due to the remarkable growth in the entire Bank's business activities, and in particular the carefully selected finance and investment transactions, in addition to launching new products. This contributed to a significant increase in the total income from the Bank's business activities in addition to a huge increase in total assets and customers' accounts."

Mr. Albassam also stressed the Bank keenness during the coming period on developing and improving the customer services and the continuation of launching new products.

"The operating income rose to BD42m, an increase of 90% compared with BD22m during the same period of 2007. He attributed the increase to the continuous growth in Islamic finance transactions and realizing an attractive returns on the Bank's various investment activities." he noted.

"The increase in total income contributed to an increase in return on investment accounts to BD7.5m. Thus, the Bank's management is still keen on distributing the best returns to its investors which attracted a bigger local market shares while market prices are continuously rising." Mr. Albassam added. He highlighted the solid status of the Bank's assets that have not been affected by the financial shocks that the world experienced last year and early this year.

On the other hand, the Bank's Chief Executive Mr. Mohammed Ebrahim Mohammed highly praised the excellent financial results achieved by the Bank stating, "As for the Bank's financial position, the total assets rose by 34% during the second quarter of 2008 at BD883m."

"Such increased focused mainly on finance transactions and the steady increase in the Bank's investments in general. These figures also reflect a remarkable increase in the total investments of all types of portfolios in order to mitigate risks as per the Bank's general policy," Mr. Mohammed continued.

"In addition to launching its plan to develop all of its products in all branches, the Bank has launched its Internet Banking on line during June 2008. This service is designed to enable customers to complete their banking transactions more conveniently anytime and wherever they might be," he added

"The Bank has also launched new services in order to increase its shares of Islamic finances and deposits in the local market at the most affordable prices. The Bank will also introduce other new services after the summer vacation prior to the holy month of Ramadan. Additionally, it will launch investment products for the Bank's customers with high return which will compete with all products available in the local marketplace," he explained.

He confirmed that the Bank has completed employment for executive and top management positions, which gives the Bank a bigger impetus to be a market leader. He said the bank would continue to attract and hire qualified and experienced calibers for all sorts of jobs to achieve the Bank's long-term interests.

"In a phenomenal step to diversify and expand its operations outside the Kingdom of Bahrain, BisB signed a strategic partnership agreement with the Yemen Islamic Bank at the end of June. This agreement has entitled BisB to own an important quota share in the ownership of the Yemen Islamic Bank," concluded Mr. Mohammed Ebrahim Mohammed BisB Chief Executive.