Gulf Air and Bahrain Islamic Bank sign $70m ijara facility

Notes and media contacts

About Gulf Air
Founded in 1950, Gulf Air is the proud national carrier of the Kingdom of Bahrain. Having been operating for over half a Century, it ranks as one of the oldest airlines in the Middle East region. Though it continually strives to develop; its goal has remained unchanged - to maintain a constant commitment to the latest aviation technology and an adherence to traditional Arabian hospitality. It is currently owned by Bahrain Mumtalakat Holdings Company.

One of the prime motives of the carrier is to link Bahrain to the GCC as well as connect it to the rest of the world. The airline's network stretches from Europe to Asia, connecting 41 cities in 27 countries, with a current fleet consisting of 32 aircraft. Renown for its direct network to its non-stop flights schedules, Gulf Air covers the Middle East, the Americas, Africa and Asia-Pacific.

The airline's business strategy is to re-fleet itself over the next five years to further strengthen its presence. It recently signed a deal with Boeing worth nearly US$ 6 billion to purchase up to 24 Boeing 787 aircraft, and another deal with Airbus for 35 aircraft, including A320s and A330s.

Gulf Air is the Official Airline and Sponsor of the Gulf Air Bahrain Grand Prix 2009 and London based football club Queens Park Rangers.

About Bahrain Islamic Bank:
Bahrain Islamic Bank (BisB) was established in 1979 as the first Islamic commercial bank in the Kingdom of Bahrain; the authorised capital is BD 100 million and paid up capital is BD 66.235 million.

Since its inception, BisB has recorded a steady growth. At the end of 2008, the shareholders' funds reached nearly BD 166 million Bahraini Dinars, with assets in excess of BD 874 million. The Bank has recently launched its new identity with the core objective of radiating its new and fresh mandate of exceeding expectations, both from an aspiration and a functional perspective.

The Bank has been maintaining its leading position in the Islamic banking sector through adopting innovative Islamic investment and financing products, supported by superior retail and corporate banking services. The Bank is listed on the Bahrain Stock Exchange. The major shareholders are leading local and regional financial institutions. The Bank operates under supervision and the regulatory framework of the Central Bank of Bahrain.

The Bank, with 12 local branches, has established the largest network among Islamic banks in the Kingdom. These branches offer quality banking services, financing and investment opportunities compliant with Sharia'a requirement for individual and corporate customers.

For further information:
Katherine Kaczynska
Gulf Air
Tel: 00973 36500292