5 year milestone for Shamil Bank - Annual General Meeting to be held today

The meeting, to take place at the Al-Riffa Ballroom, Regency Intercontinental Hotel at 1 p.m., will be attended by the Chairman of the Bank's Executive Committee, Mr. Khalid Abdulla-Janahi; Member Board of Directors, Mr. Ziad Hasan Rawashdeh; Chief Executive, Mr. Mohammed Hussain, and senior management of the Bank.
Other dignitaries expected to attend include HRH Prince Amr bin Mohamed Al Faisal Al Saud, Member, Supervisory Board of the Dar Al-Maal Al-Islami Trust, majority owners of Shamil Bank.

Among others, the AGM will be attended by representatives of the Bank's auditors PricewaterhouseCoopers, Sharia' auditor, Bahrain Monetary Agency, as well as shareholders.

Shamil Bank recently announced a net consolidated income of US29.1 million for the year ended 31 December 2004, reflecting an increase of 31 per cent over the US$22.3 million earned in 2003 and is recommending a dividend payout to shareholders of 8.5 per cent of the paid up capital of US$19.4 million which is 13 per cent higher than the dividend paid in 2003.

The improved results for 2004 are attributable to an increase of 11.5 per cent in total income while maintaining total operating costs. The Bank's commercial and offshore operations as well as the operations of its main subsidiary in Pakistan, Faysal Bank Limited, also registered improved performance.

Additionally a high degree of innovation and creativity in product development was also cited as playing a leading role in the Bank's continued success.

Further information on the Bank's performance can be obtained from its annual report which has been published recently. Copies of annual report are available on request from the Bank.