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John Weguelin, Managing Director, EIIB said:
"The authorisation from London's Financial Services Authority was a key task we needed to complete ahead of the process of opening a representative office here in Bahrain. Now that this step has been completed, we expect shortly to obtain authorization from the BMA, which means we can instigate our plan to be open for business in Bahrain during the next quarter."
The Bank will open for business in the UK at the beginning of April. As a London-based, independent, sharia'a compliant investment bank, it is unique, and it plans to offer a broad range of investment banking activities, starting with Islamic Treasury and Capital Markets, and then developing Asset Management/Private Banking, Trade Finance and Correspondent Banking, and in due course extending into Advisory and Corporate Finance.
Mr Weguelin was joined at the press conference by Khalid Al Bassam, also a director of the company, who explained the reasons behind the move to establish the bank in London:
"We in the Gulf are very familiar with the rapid rise and diversification in Islamic Banking and finance, but there is also a specific opportunity to grow this type of investment in Europe. Non-Islamic issuers and investors want to engage with Islamic finance, it is becoming part of the mainstream, and EIIB will help bridge the gap between Europe and the Gulf. Internationally there is a great deal of interest in ethical investing, of which Islamic finance is seen as a part."
The bank will also have an eye on the Gulf investor and already has strong Gulf links through its founding shareholders, which include Gulf-based individuals and institutions, including a number of Islamic banks, as well as individuals and companies based in Europe. Mr Weguelin added:
"Given our niche role as an investment bank, we see many Islamic financial institutions in the Gulf and elsewhere as potential partners or clients, rather than competitors."
Posted by Anne-Birte Stensgaard, Senior News Editor
