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Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif has revealed that the bank has completed the procedures for obtaining the necessary licenses to operate in the Moroccan market. It already has operations in Libya, Tunisia and Algeria. He added that the bank has also obtained the necessary approvals for the opening of 20 new branches, and plans to open 25 branches by 2020. Al Baraka is also planning to establish a software company in partnership with European investors and Indians with capital of $15 million under the name Al Baraka Banking Software. The Islamic bank also plans to expand into India and Indonesia. It already has a representative office in Indonesia but sold out of an investment company in India.

Bahrain-based International Investment Bank (IIB) has appointed Subhi F. Benkhadra as its new CEO. Benkhadra, previously the CEO of Abu Dhabi-based Baniyas Investment & Development Company, replaces acting CEO Fareed Bader, who continues in the role of executive committee member at the bank. Benkhadra is described as an experienced financial leader with a wealth of experience in traditional and Islamic investment banking in the UK and the Middle East. Benkhadra graduated from the University of Bath in 1987 with a BSc in environmental engineering and holds a MBA in finance from City University Business School.

Bahrain based International Investment Bank announces the appointment of Mr. Subhi F. Benkhadra as the new Chief Executive Officer. Mr. Benkhadra, previously the Chief Executive Officer of Abu Dhabi based Baniyas Investment & Development Company, replaces Mr. Fareed Bader, the acting Chief Executive Officer who continues in the role of Executive Committee Member at the bank. Mr. Benkhadra graduated from the University of Bath in 1987 with a BSc in Environmental Engineering and holds a MBA in Finance from City University Business School. He is also a former member of the Board of Directors of the Arab Bankers' Association in London.

Moody's Investors Service will hold its first Banking and Islamic Finance Workshop in Bahrain on Wednesday 2nd of September. The workshop will focus on Bahrain's banking sector amid low oil prices and global headwinds. It ill kick-off with a presentation from Jean-Francois Tremblay, Associate Managing Director, Financial Institutions Group, surrounding key global developments within credit markets. The workshop will also provide Moody's assessment of the local operating environment and the creditworthiness of banks in Bahrain and the rest of the region. In addition, the workshop will also discuss the latest developments in the Islamic Finance sector as well as growths trends and liquidity management challenges.

Bahrain-based Ibdar Bank has announced the appointment of Mr. Janaka Mendis as Chief Financial Officer (CFO) of the Bank. Mr. Mendis shall provide leadership in attaining the established financial goals of the Bank through managing and operating all financial-related functions. He oversees the Bank's finance, financial strategy, and operational activities, ensuring that Ibdar is well positioned, both financially and strategically, to achieve its transformation agenda. Prior to joining Ibdar, Mr. Mendismost recently spent seven years at Al Salam Bank Bahrain. For four of these years, he served as the institution's Chief Operating Officer after holding other executive roles.

Bahrain’s GFH Financial Group has distributed dividends of $53 million to its funds’ investors, from investments in Bahrain, the UAE, US and India. In line with it's new strategy, GFH has spent the last 18 months investing in projects intended to provide steady cash yields for investors, the company said. For example, Diversified US Residential Portfolio (DURP) – an investment in US residential assets – distributed dividends of $1.3 million to investors. The portfolio comprises two multiple-dwelling residential properties, one in Houston, the other in Atlanta, with 1,300 apartments in total and 95 percent occupancy. Earlier this month, the group reported net profit of $13.6 million in the first six months of 2015.

Bahrain's Khaleeji Commercial Bank 's (KHCB) has recently signed an agreement with T'azur Islamic Insurance Company, one of Bahrain's Takaful International Islamic insurance Company providers. The agreement aims to provide Comprehensive and Third Party insurance services for vehicles, property, travel and tourism including other personal insurance products at KHCB 's branch in Budaiya. The signing ceremony was held recently at the Khaleeji Commercial Bank headquarters in the presence of KHCB Chief Executive Officer, Mr. Khalil Al Meer and T'azur Chief Executive Officer, Mr. Yahya Nooruddin, along with management officials and high-level representatives from both parties.

The Central Bank of Bahrain (CBB), in cooperation with the Supreme Council for Women (SCW), has announced Al Baraka Banking Group (ABG) as the women’s empowerment partner for Islamic Banking for the year-long campaign to celebrate and promote the role of women in the financial and banking sector. The year-long campaign has already featured a series of events, including a number of roundtable and town hall sessions that have brought industry leaders and women of all levels within the sector together to discuss and debate topics of importance. These events culminate with the main Women in the Financial and Banking Sector Conference being held on Nov. 30, at the Four Seasons Hotel, Bahrain Bay.

The Central Bank of Bahrain (CBB), in cooperation with the Supreme Council for Women (SCW), has announced Al Baraka Banking Group (ABG) as the women’s empowerment partner for Islamic Banking for the year-long campaign to celebrate and promote the role of women in the financial and banking sector. The year-long campaign has already featured a series of events, including a number of roundtable and town hall sessions that have brought industry leaders and women of all levels within the sector together to discuss and debate topics of importance. These events culminate with the main Women in the Financial and Banking Sector Conference being held on Nov. 30, at the Four Seasons Hotel, Bahrain Bay.

GFH Financial Group has announced its financial results for the first half of 2015 ended June 30, 2015. For the first six months of 2015, the Group reported a net profit of US$13.6 million compared with US$14.8 million during the prior year period. Net profit for the second quarter of 2015 was US$7.6 million versus US$12.4 million reported in the second quarter of 2014. Last year's results included a one-off income of US$33 million as a result of a recovery. Excluding this one-off gain, net profit for the first six months of 2015 increased to US$13.6 million compared to a loss of US$18.2 million for the prior year period.

Bahrain-based Al Baraka Banking Group B.S.C (ABG) announced a net profit of US$ 150 million for the first half of 2015, reporting an increase of 5% over the net profit of the same period of last year, while the net income of the second quarter of 2015 reached US$ 82 million, increasing by 19% over the net income of the first quarter of 2015. The balance sheet items achieved moderate increases, as total assets increased by 2%, total financing and investments by 2% and customer accounts by 1% at the end of June 2015 compared to the end December 2014. During the first half of 2015, the premier rating agency in the world Standard & Poors’ (S&P) had re-affirmed ABG’s rating of BB+ (long term) and B (Short term), upgrading the Outlook to Stable.

Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has reported an increase of 51 per cent in total revenues at $11.1 million for the six months ended June 30, when compared with the same period last year. A statement by the bank said total profits for the period increased by 79pc to $2.54m after an impairment charge of $2.2m relating to legacy assets. Excluding these one-off charges, said the bank, it achieved improved profitability of $4.72m when compared with $1.96m in the first half last year.

The Supreme Council for Women (SCW)’s general secretariat held a meeting with Al Salam Bank Bahrain during which the two sides explored means of activating the National Model for the inclusion of women’s needs in banking. The meeting also explored provision of policy and ancillary services for women in the workplace. This included a nursery for children of bank employees after a feasibility study by the bank to determine its need and support for recruitment of handicapped people in financial and banking institutions. The meeting discussed challenges facing women in assuming leading posts and cultural and social issues, especially women’s night-time office duty and their aspirations in career progression.

GFH has announced to its shareholders and the markets that, in line with its extraordinary general meeting’s approval obtained on April 12, it has completed the formalities with the relevant authorities for changing its commercial name. Accordingly, the name has officially been changed from Gulf Finance House to ‘GFH Financial Group BSC’ starting on July 30th. The Islamic investment bank is based in Bahrain and was listed on the London Stock Exchange in 2007. The company also holds a 25 per cent stake in Leeds United, a Football League Championship club through its wholly owned subsidiary, the Dubai-based GFH Capital.

Bahrain Islamic Bank (BisB) has realised BHD 8.2 million as net income for the six month period ended 30 June 2015, compared to BHD 4.0 million for the same period last year, an increase of 105 per cent. The Bank has reported for the three months ended 30 June 2015 net income of BHD 5.1 million compared to BHD 1.5 million for the same period last year while gross income reached BHD 11.2 million as compared to BHD 7.8 million for the same period last year. Total expenses for the three months period ended 30 June 2015 remained the same at BHD 5.3 million. Net provisions for the three months ended 30 June 2015 amounted to BHD 786 thousand as compared to BHD 1 million for the same period last year.

Bahrain's Arab Insurance Group is in discussions to take full ownership of Dubai-based Islamic reinsurer Takaful Re, as regulatory moves add pressure on firms to consolidate. ARIG is planning to buy the remaining 46 percent of shares it doesn't already own in Takaful Re, subject to shareholder and regulatory approval. Major shareholders of Takaful Re include Dubai Investments, Emirates Funds, Emirates Industrial Bank and the Islamic Development Bank, each holding a 10 percent stake. The regulatory measures have already prompted some consolidation steps, like Bahrain Kuwait Insurance Co raising its stake in local peer Takaful International to 40.9 percent.

Eskan Bank has appointed Securities & Investment Company (SICO) as lead arranger for the first real estate investment trust (REIT) on the Bahrain Bourse. Eskan Bank 's REIT will consist of two income-generating and unleveraged properties currently owned by Bahrain Property Musharaka Trust (BPMT) which was formed in May 2011, in collaboration with reputable institutional investors and high net worth individuals. As arranger, SICO is responsible for managing the entire process. The Sharia-compliant REIT is expected to have a total value of BD20 million, with a tranche that will be offered to the public through the initial public offering (IPO) that is planned to take place later this year.

Bahrain will not regain its status as the region’s leading financial centre amid fierce competition in the Arabian Gulf, thus hurting its property market, says the latest country report by Business Monitor International (BMI). The country’s historical position as the regional centre for Islamic finance is being challenged by Dubai, while banks in Abu Dhabi, Qatar and Saudi Arabia have been competing strongly against the banking sectors in Bahrain and Dubai, according to the market research company. Even so, Bahrain’s construction sector is set to continue growing at about 3.6 per cent over the next four years, it said. And public sector investment will finance infrastructure projects.

Gulf Finance House (GFH) is planning to make an acquisition this year and sell a unit in an initial public offering. The expected moves are part of efforts to reshape GFH, which was hit hard by the 2008-2009 global financial crisis. Currently the Bahrain-based Islamic investment bank has four units: investment banking, commercial banking, real estate and industry. GFH’s first quarter net profit rose 140 per cent to US$6 million from $2.5m a year earlier. GFH, which is talking to one firm in Bahrain and two in Dubai, is banking on closing this year with at least one leveraged acquisition valued at about $200m. The firm is seeking to finance the acquisition through 30 to 40 per cent equity and the remainder in debt.

Bahrain-based Ibdar Bank has appointed Mr. Ahmed Al-Rayes as Chief Investment Officer (CIO) of the Bank. Effective 9 June 2015, Mr. Al-Rayes is responsible for leading the investment and wealth management teams and for establishing and implementing investment strategies to expand the Bank's investments horizon. This includes both broadening Ibdar's client base, strengthening existing relationships with key clients and partners and building relationships with international institutions globally. Mr. Al-Rayes holds a Bachelor of Science degree in Mechanical Engineering from the University of Bahrain and an MBA from the University of Strathclyde in Glasgow, Scotland. He has also completed a number of executive and Islamic training programmes in the region and internationally.