Bahrain is home to a new Islamic financial institution with the formation of the International Investment Bank (IIB).
The bank held its General Constituent Assembly followed by its first Board of Directors meeting at the Ritz Carlton in Bahrain on October 13, 2003. The General Constituent Assembly was attended by shareholders and representatives from the Bahrain Monetary Agency (BMA) and Ministry of Commerce.
During the assembly, eleven shareholders were nominated and appointed unanimously to IIB's Board of Directors. In its first meeting, they approved the appointment of United Arab Emirates (UAE) businessman and Vice President of the Abu Dhabi Chamber of Commerce and Industry, Saeed Abdul Jalil Al-Fahim, as Chairman of the Board of Directors. Saudi businessman Ahmed Bin Salem Bugshan was named Deputy Chairman of the Board, and prominent Bahraini banker Aabed Al-Zeera was appointed Chief Executive Officer of the Bank.
Al-Zeera asserted “the shareholders and the management of the Bank are already considering a second round of capital raising in the foreseeable future. In fact, we have been approached by some institutions and GCC high net worth individuals who expressed their interest in participating in the Bank shortly after concluding the registration procedures with the monetary and financial authorities in the Kingdom of Bahrain. Among these applicants was a European financial institution seeking access to the growing Islamic banking sector regionally and internationally."
Bahrain is a major international financial center, which has the highest concentration of Islamic financial institutions in the world. At present, 26 Islamic financial institutions and five industry-support organizations operate from the Kingdom. In addition, the BMA has issued licenses for 34 Islamic mutual funds. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
