Bahrain’s Shamil Bank posted profits totaling $4.5 million for the first half of 2001. In contrast, the bank achieved $6.02 million in profits for the entire year of 2000. Sources at the bank predict that future profits will double by the end of the present fiscal year, according to London based Al-Hayat daily.
Shamil recently announced plans to expand its retail and commercial banking operations to the Arab Gulf region, intending to triple its branches to nine by 2005. A new addition to the bank’s existing branches in central Manama, Muharraq and Riffa, will soon open in Bahrain Mall. A fifth branch will follow in December in the Hoora area.
The bank, a joint Bahraini stock company, was established in 2000, following a merger between Faysal Islamic Bank and the Islamic Investment Company of the Gulf, both subsidiaries of the Geneva-based Dar Al-Maal Al-Islami (DMI) Group.
Shamil Bank is owned by DMI and has a paid-up capital of $230 million. With managed assets totaling three billion dollars, Shamil’s banking procedures comply fully with Islamic religious codes. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
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