Shamil continues on upward spiral

The financial position at the end of the period showed a growth in total assets by 3.7%. The result improved earning per share for the period to $0.045 from $0.029 per share compared to the same period of last.

Mr Mohammed Hussain, Chief Executive of Shamil Bank, commenting on the results said: "Shamil is forging ahead in its quest to provide innovative and successful Islamic Banking solutions and yet another profitable quarter shows our strategies are successful. Listening to our customers and being aware of market requirements is clearly essential as we continue in our path of success. We will, therefore, remain vigilant in assessing customer needs and reacting to market forces to achieve our objectives of providing customer satisfaction, which in turn leads to improved results and increased shareholder trust."

Recently Shamil has rapidly presented its customers with new and innovative strategies in introducing Sharia'a compliant banking products and services, which has been welcomed by its clients and the market in general.

At the same time, a tactical shift seeing the Bank placing more emphasis on Investment Banking, created an increase of investment income of 13.3% for the first quarter.

The Bank's management is confident that strategic directional changes which created unprecedented results last year, will continue to keep the bank on track for another profitable, if not record breaking, year.

Shamil Bank is incorporated in the Kingdom of Bahrain and has grown steadily since 1982 to become a leading Islamic institution with a paid up capital of US$ 230 million and assets under management of some US$ 2.3 billion.

The Bank provides a diverse range of products and services that cater for the financing and investment needs of individuals and instuitutions. It conducts its business in strict compliance with the principles of Islamic Sharia.

Shamil Bank is a subsidiary of the Dar Al-Maal Al-Islami Trust, one of the world's leading Islamic financial organizations. Other shareholders include prominent Saudi and Bahraini entities and high net worth individuals.

The Bank operates a network of local branches and maintains presence in overseas markets through subsidiary, associated and affiliated companies. The Bank's shares are listed on the Bahrain Stock Exchange.