Bahrain Islamic Bank (BISB) announced that it will provide a revolving Murabaha Facility to the First Islamic Investment Bank, which will involve the purchase and sale of assets arranged by First Islamic. The term of the Facility is two years.
“We are committed to encouraging the development of regional Islamic banks and we are pleased to underwrite this facility for First Islamic, which has established itself as a key player in the Islamic banking industry,” Adnan Ahmed Yousef, BISB CEO, said.
BISB was the first Islamic institution established in the Kingdom of Bahrain in 1979 with a paid-up capital of 23 million Bahraini dinars ($60 million) and total equity of BD38.6 million ($102 million). BISB operates as a commercial bank with seven branches. The bank provides Islamic products for both retail as well as corporate.
Bahrain-based First Islamic was established in 1997. With a paid-up capital of $112.5 million, and over 80 shareholders. To date, First Islamic has undertaken direct investment transactions in excess of $860 million in the United States and real estate transactions totaling over one billion dollars. — (menareport.com)
© 2002 Mena Report (www.menareport.com )