Mohammed Paracha the General Counsel for Al Salam Bank, the Bahrain based Islamic banking powerhouse has been named in The Lawyer’s Hot 100 list for 2007. This accolade is given to the top 100 international lawyers leading in their respective legal fields.
Al Salam Bank appointed Mohammed Paracha in 2006 from his position as a partner designate at the international law firm, Norton Rose where he rose as one of the leading stars in the Islamic Finance community. In 2004, Mohammed was picked out by a panel of judges winning the much coveted “Lawyer of the Year Award” for his work in making Islamic Finance available in the United Kingdom heralding a new era for the industry in Europe.
Al Salam Bank has been actively involved in a number of markets since being established in 2006. Its universal banking model allows a diversification of activity across investment, commercial and retail banking lines with several transactions already completed and more in the pipeline. The Bank recently announced the launch of a China Private Equity Fund and is working on key investment opportunities across the globe.
Note to Editor:
Al Salam Bank Bahrain Incorporated on 19 January 2006 in the Kingdom of Bahrain with a paid-up capital of US$ 318 million (BD 120 million), Al Salam Bank commenced commercial operations on 17 April 2006. The Bank operates under Islamic principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain. The Bank’s vision is to become a leading force in the Islamic financial services industry by providing a differentiated Sharia-compliant offering to focused segments in selected markets.
The Bank’s Initial Public Offering (IPO) of 35 per cent of the paid-up capital was oversubscribed 63 times and raised over US$ 7 billion (BD 2.7 billion) making it the largest IPO in the Kingdom’s history. The Bank was subsequently listed on the Bahrain Stock Exchange on 27 April 2006.
The founding shareholders of Al Salam Bank hold 65 per cent of the paid-up capital. They include Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding and Global Investment House, together with other strategic shareholders from across the Middle East.
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