Bahrain Islamic Bank designated Jawad IPO receiving bank

The BIsB has also announced that it has completed arrangements to receive subscribers at both the main branch, Diplomatic Area, and at the Riffa branch effective Monday, 19th December 2005. The IPO will close at 12:00 noon on Sunday, 8th January 2006.

BIsB's Corporate Banking & Financial Institution Director, Faisal Alshowaikh, has expressed his pleasure for this appointment and said: "We are extremely happy that our offer has been accepted by JIF as a principal IPO receiving bank".

"We have completed a special intensive training course for our staff involved in this process, so that they would be able to better serve subscribers",

Mr. Alshowaikh explained. He added: "We are quite confident that subscribers will appreciate this special customer service by the BIsB".

Under arrangements with JIF, an individual applicant must provide two copies of his or her identity card, passport or CPR. A corporate applicant will have to present a copy of its Commercial Registration. Subscriptions are made payable to Jawad International Fashions B.S.C., Public Subscription Account. The value of shares applied for will have to be paid in full.

Mr. Alshowaikh says that the Bank has allocated a special counter manned by a sufficient number of specially trained staff members at both locations to handle the subscription facility. "In order to make life easier for subscribers, the counter personnel are authorized to accept any GCC or hard currency", he pointed out. He adds that even minors can subscribe to this new offering provided they are accompanied by their guardians.

This is the first experience for the BIsB to act as an IPO receiving bank. In this connection Mr. Alshowaikh says: "While it is the first Islamic bank in Bahrain, BIsB goes into the IPO experience for the first time. We do believe it will be both successful and productive experience".

According to Mr. Alshowaikh, special subscription forms will be provided for subscribers to complete. "The applicant will be solely responsible for the accuracy of the information given in the subscription form", he concluded.

The Bahrain Islamic Bank was established in 1979 as the first Sharia'a compliant commercial bank in the Kingdom. Since then, it has developed and, as of the end of 2004, the Bank had BD 53 million as shareholders' equity and BD 250 million assents.

Listed on the Bahrain Stock Exchange, the Bank acquires a chain of leading local and regional financial institutions, and is governed by the Bahrain Monetary Agency regulations. The Bank also runs a network of 12 branches, including Al Dana Branch for Ladies Banking, a unique branch in Bahrain dedicated for women.