Chairman of the Bank HRH Prince Mohamed Al Faisal Al Saud attended a lunch following the meeting which was chaired by Chairman of the Bank's Executive Committee, Mr. Khalid Abdulla-Janahi; Member Board of Directors, Mr. Ziad Hasan Rawashdeh; Chief Executive Mohammed Hussain, senior management of the Bank and a number of shareholders from around the region.
During the meeting the Bank's financial result for 2004 was ratified by the Board of Directors.
The Bank recorded a net consolidated income of US$29.1 million for the year ended 31 December 2004, an increase of 31 per cent over the 2003 result. Also revealed was an increase of total assets of 35.5 per cent to US$1.62billion from US$1.1 billion, as well as an increase in shareholders equity by 4.2 per cent to US296.7 million from US$284.7 million.
The continued steady growth of Shamil Bank was commended and strongly endorsed by the Board and shareholders at the AGM with the improved results being attributed to a strong, strategically focused management team, a high degree of innovation and creativity to develop products, along with a consolidated steady focus on Retail Banking and Investment Banking activities.
In praising the results for 2004 HRH Prince Mohammed Al Faisal Al Saud said "Our continued growth is a testimony to the abilities of the team to work through difficult times, remaining focused and strong, showing creativity and uniqueness, whilst implementing strategies that are customer focused and results lead."
He added, "The year 2005 will see a consolidated focus on Retail Banking and Investment Banking activities building on the solid foundations which the Bank has already laid."
In September 2004, the leading emerging markets rating agency Capital Intelligence (CI) announced the upgrade of the Bank's long-term foreign currency and financial strength ratings to BBB- from BB+, citing healthy profitability growth, a reduction of non-performing loans and strong support from its principal shareholders, Dar al-Maal al-Islam Trust the reason.
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Shamil Bank set for major growth in 2005
- Bahrain: Tuesday, March 22 - 2005 at 08:34
- PRESS RELEASE
Shamil Bank's looks forward to another year of steady growth and expansion it was announced at its 5th annual general meeting held yesterday at the The Regency InterContinental Hotel, in Bahrain.
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Notes and media contacts
Issued on behalf of Shamil Bank by Contact Communications, Bahrain. For further information contact Carol Melrose on +973 17540091 or Fax +973 17 540092, mobile +973 39608905.Shamil Bank was created as a result of the merger between Faysal Islamic Bank of Bahrain and the Islamic Investment Company of the Gulf (Bahrain), in June 2000. Today one of the largest regional Islamic financial institutions, the Bank has a paid-up capital of US$ 230 million (authorized capital of US$ 500 million), and manages funds in excess of US$ 2.3 billion.
With offshore banking, investment banking, and local commercial banking licenses issued by the Bahrain Monetary Agency (BMA), Shamil Bank is authorized to carry out all related activities in conformity with the principles and laws of the Islamic Sharia'a, supervised by the BMA and a Religious Supervisory Board.
Shamil Bank is a subsidiary of Dar Al-Maal Al-Islami Trust (DMI), a company incorporated in the Commonwealth of the Bahamas, which holds 59% of the issued share capital. Other shareholders consist of prominent Saudi and Bahraini entities and high-net-worth individuals. The Bank's chairman, H.R.H. Prince Mohammed Al-Faysal Al-Saud is known worldwide as a pioneer of the Islamic banking industry.
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, March 22 - 2005 at 08:34 UAE local time (GMT+4)
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