The Murabaha Facility will involve the purchase and sale of assets arranged by First Islamic. The term of the Facility is two years.
Adnan Ahmed Yousef, CEO of Bahrain Islamic Bank, said, "We are committed to encouraging the development of regional Islamic banks and we are pleased to underwrite this facility for First Islamic, which has established itself as a key player in the Islamic banking industry."
Atif A. Abdulmalik, First Islamic's CEO, said "We are pleased to have completed a Murabaha Facility with Bahrain Islamic Bank, which will allow us to expand the scope of our operations and provide general corporate support."
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Bahrain Islamic Bank provides Murabaha Facility to First Islamic
- Bahrain: Monday, May 06 - 2002 at 16:46
- PRESS RELEASE
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Bahrain Islamic Bank BSC announced today that it has agreed to provide a revolving Murabaha Facility to First Islamic Investment Bank E.C.
From Left to Right: Essam Al Mahmeed, Director, Treasury, First Islamic, Jehad Al Alawi, AGM, BISB, Atif A. Abdulmalik, CEO, First Islamic, Adnan A. Yousef, CEO, BISB, Mohamed Elgioshy, Investment Manager, BISB.
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Posted by Anne-Birte Stensgaard, News EditorMonday, May 06 - 2002 at 16:46 UAE local time (GMT+4)
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This article was updated on Thu Jan 15 2004.
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Bahrain Islamic Bank was the first Islamic institution established in the Kingdom of Bahrain in 1979 with a paid-up capital of BD 23 million (US$ 60 million) and total equity of BD 38.6 million (US$ 102 million). BISB operates as a commercial bank with seven branches. The bank provides all Islamic products with high quality of efficiency for both retail as well as corporate.
Bahrain-based First Islamic was established in 1997. With a paid-up capital of $112.5 million, and over 80 shareholders, First Islamic's mission is to be the leading Islamic investment bank by providing innovative and distinctive investment opportunities that generate superior risk-adjusted returns, and by adhering to its guiding values and principles, for the benefit of all stakeholders.
To date, First Islamic has undertaken direct investment transactions in excess of $860 million in the United States and real estate transactions totalling over $1 billion.
Issued on behalf of First Islamic Investment Bank by Gulf Hill & Knowlton. For further information please contact Andrew Mackay on Tel: 00973 533532
Bahrain-based First Islamic was established in 1997. With a paid-up capital of $112.5 million, and over 80 shareholders, First Islamic's mission is to be the leading Islamic investment bank by providing innovative and distinctive investment opportunities that generate superior risk-adjusted returns, and by adhering to its guiding values and principles, for the benefit of all stakeholders.
To date, First Islamic has undertaken direct investment transactions in excess of $860 million in the United States and real estate transactions totalling over $1 billion.
Issued on behalf of First Islamic Investment Bank by Gulf Hill & Knowlton. For further information please contact Andrew Mackay on Tel: 00973 533532
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