Islamic Bank of Asia enters the Harbour

MANAMA: Bahrain Financial Harbour Holding Company (BFHHC) has signed an agreement with the Islamic Bank of Asia (IB Asia), to take over the 45th floor of the West Tower.

IB Asia, Singapore's first Islamic bank, was formed as a joint venture with participation from GCC investors.

"It is not surprising that the bank chose Bahrain Financial Harbour to launch its operations in the Middle East," said BFHHC senior manager leasing, sales and marketing, Salwan Uchi.

"In addition to the advantages that BFH's highly focused, committed and advanced financial environment offers, the new bank will also enjoy easy access to investment opportunities in the GCC and Asia because of Bahrain's strategic location at the international crossroads.

"Additionally, IB Asia will also benefit from its close proximity to major Islamic banking institutions and the kingdom's position of prominence in the Islamic Finance where it accounts for over 17 per cent of the market. We are delighted that IB Asia and its promoters have chosen BFH over other international financial centres," he added.

The Islamic Bank of Asia was launched on May 7 last year by DBS, the largest bank in southeast Asia, and GCC based investors.

The bank's operations are supervised by a four-member team of Islamic scholars. Through its Sharia-compliant product offerings, it aims to facilitate access to investment opportunities in Asia and the Middle East.

"The right location is of extreme significance to IB Asia and we are glad that we chose BFH, which is a financial sector focused, technologically advanced and fully integrated master planned development, as our entry point into the buoyant GCC capital market," said IB Asia's senior vice-president, corporate banking and chief Middle East representative, Ala' Abu Mughli.

"With all the benefits that the BFH address offers, we feel confident that we will get off to a good start. IB Asia is well set to achieve its goal of becoming one of the largest and most innovative Islamic banks in the world. "