Bahrain Islamic Bank achieves BD22.3m net income for 2008

AMEINFO:Bahrain Islamic Bank continue to achieve strong financial results in spite of the international financial and economic crisis which has intensified its grip in the final quarter of last year.

An indication of the Bank's ability to continue providing the best banking services and to utilize an optimal mix of financial products and services to attain best profitability for shareholders and depositors alike.

The Bank distributed a press release on Wednesday in which it announced its financial results for the year 2008, where it achieved BD22.3m net income compared to BD25m for the year 2007, after making adequate provisions against contingences that may arise in case the current international financial and economic crisis continues further...Continue Reading

BiSB voted best Islamic bank

Bahrain Islamic Bank (BisB) was voted as the best Islamic bank in Bahrain for the year 2007 in a key poll.

The poll, a leading and most comprehensive annual event, was organised by the Islamic Finance News where BisB was exclusively honoured with the Best Islamic Bank in Bahrain Award for 2007, the bank said in a statement.

Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world were invited to participate.

"The award reflects the recognition of BisB as a growing leader in Islamic and commercial banking, which has been achieved through consistently best performance ratios, continuous products and service innovation, and various strategic initiatives for growth," said BisB Chairman Khalid Abdulla Al Bassam.

“We are proud to receive the Best Islamic Bank in Bahrain Award. This award is recognition of BisB's strategic vision, our execution expertise, management depth and our belief and commitment in Islamic banking principles,” said BisB Acting CEO Mohammed Ebrahim Mohammed.

“The Award is also a manifestation of the hard work and innovation that BisB is known for. It also validates our efforts towards creating a strong institution with best international practices and standards." he added.

"The bank has successfully developed and structured innovative products that meet the requirements of customers in the areas of retail and corporate banking. We have been growing steadily on all domains. We are committed to sustain our growth through continuous innovation,” said Ebrahim.

BisB has uncovered its new identity last November after almost three decades of its inception.

Lately, Bahrain Islamic Bank announced its highest ever financial results in 2007, achieving BD25 million net profits, an increase of 92 per cent compared to BD13 million in 2006.