Unicorn Investment Bank launches with strong financial results

Unicorn Investment Bank was capitalized at $111 million and commenced operations on May 5, 2004 in the Kingdom of Bahrain. In its first eight months of business, UIB achieved revenues of $36m and earnings of $17m, which are well ahead of the bank's own projections for the period. These revenues were driven primarily by financial advisory and placement fees. The integrity and level of equity have been maintained at close-to-opening levels while absorbing transaction and pre-opening costs associated with capital-raising and the start-up period.

UIB has focused on building a unique business model with an international franchise around five key business lines:


• Corporate Finance & Capital Markets

• Private Equity

• Mergers & Acquisitions

• Asset Management

• Takaful (insurance)

All of UIB's products, advisory services and business divisions are bound by two overarching principles: they comply with Shari'ah principles and are managed to international banking best practices.

Muslims represent a fifth of the world's population, but Islamic financial institutions have not yet succeeded in adequately serving this potential market. UIB recognizes this gap and has developed a vision of a full-service Islamic investment bank, led by an experienced board of directors and a management team focused on delivering innovative and ethical financial solutions to a broad international client base.

The launch of UIB is supported by an advertising campaign and new website, both intended to raise awareness of the bank and attract new clients, investors and strategic partners as UIB rapidly expands its operations in the Middle East, North America and South East Asia.

Yousef Abdullah Al-Shelash, Chairman of the UIB Board, commented: 'This is an excellent start for UIB; these results are well ahead of our earlier projections and attest to the hard work of the new team and to favorable market conditions.'

Majid Al-Sayed Badar Al-Refai, UIB's Managing Director and Chief Executive Officer, explained; 'Islamic finance is a belief and a passion, not simply a product. These are exciting times for Islamic finance, not only in the Middle East but across the globe. To date, the financial needs of the world's 1.2 billion Muslims have largely been unmet.

For those financial institutions with an understanding of both the Islamic and conventional banking markets, there are tremendous opportunities to unlock huge potential in Islamic financial markets. We are reaching out to the global and regional financial institutions, as well as Islamic banks, to strive to meet this significant and growing demand.'