Ibdar Bank

Ibdar: Pioneering a Fully Digitised Islamic Investment Bank

Ibdar Bank is directing its FinTech strategies to position the bank as a fully-digitised Islamic investment bank. The Bank has USD277 million in paid up capital and a geographical reach that spans the GCC and Middle East North Africa Turkey (MENAT) region. The Bank also transacts in Southeast Asia and select developed markets. Ibdar Bank has significant expertise in areas including aviation, infrastructure, maritime, oil & gas, and real estate. According to CEO Ayman Sejiny, Ibdar has set out a comprehensive plan in 2018 for its engagement with global Fintech service providers. In the first phase, the bank is set to digitise its operations internally, the second phase will focus on implementing its service offerings in response to the needs of a Global Islamic Digitised Economy (GIDE). Sejiny added that the Central Bank of Bahrain has taken decisive steps towards a FinTech supportive environment in order to facilitate the growth of the sector.

$100m fund launched in #Bahrain to help #SMEs growth

A $100 million fund has been launched in Bahrain to invest in the country's small and medium-sized enterprises (SMEs). The initiative has been unveiled by the Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank and Labour Fund Tamkeen. The Bahrain SME Fund is a Shariah compliant mezzanine private equity fund which will target SMEs with high growth potential in consumer, industrial, ICT, education and healthcare sectors. Khalid Al Aboudi, CEO of the ICD, said that SME support is at the centre of ICD’s strategy as they seek to facilitate further prosperity in Islamic countries. Ahmed Al-Rayes, CIO of Ibdar Bank, added that the creation of this fund is aligned with the Bank’s mission to support Bahrain’s economic diversification through private sector growth.

ICD, Tamkeen & Ibdar launch $100million #Bahrain #SME #fund

The Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank and Labour Fund Tamkeen has announced the launch of the Bahrain SME fund. The Bahrain SME Fund is a Shariah compliant mezzanine private equity Fund which will invest in Bahrain’s Small and Medium Enterprises (SME’s). The Fund will target SME’s with high growth potential in consumer, industrial, ICT, education and healthcare sectors, as well as sectors experiencing dynamic change. The Fund will add immense value to Bahrain as a tool for SME growth and development where 90% of Bahrain enterprises are SMEs and their contribution accounts for about 30% of the Kingdom’s GDP.

#Bahrain's Ibdar Bank buys $78M prime #housing complex in Maryland, US

Bahrain-based Ibdar Bank has announced the acquisition of a $78-million multi-family housing property at Montgomery county in Maryland, USA. The area boasts the third-largest commercial downtown in the USA, being home to the headquarters of the White House, World Bank, and the International Monetary Fund. Ahmed Al Rayes, acting chief executive of Ibdar Bank, said the acquisition was the Bank's first successful foray into the USA and was aligned with the Bank’s strategy to diversify its international real estate portfolio. Bassam Kameshki, the director of Real Estate at Ibdar, said the Bank has selected a straight forward asset class in a strategic location. The investment holding period will be up to 5 years. Besides real estate, Ibdar Bank is also engaged in private equity, capital markets and investment advisory activities.

Ibdar reports $14.5 million loss for 2015

Ibdar Bank recently concluded its Annual General Meeting for the fiscal year 2015 and appointed a new Board of Directors. For fiscal year 2015, the Bank reported $14.5 million loss attributable to shareholders. Total revenue for 2015 was $25.6 million compared to $13.6 million for 2014 an increase of 88% over the last year. The improved operating performance in 2015 was overshadowed by impairment and negative fair value changes of $23.8 million. In addition, shareholders elected a new Board of Directors for a three year period. Mr. Tareq Sadeq was appointed as the Bank’s Chairman and Mr. Abdulkarim Ahmed Bucheery as Vice Chairman.

Ibdar makes £8 million investment in prime new Manchester city centre development

Bahrain-based Ibdar Bank has announced that it has made a £8 million investment in a prime new residential project. Angel Gardens, consisting of residential 458-apartments and a total development value of £124 million, forms part of the wider NOMA re-development project aimed at transforming Manchester city centre. The development is being funded through a combination of equity invested by Ibdar and other co-investors and senior debt to be obtained from one of the Banks. Forecasts indicate an expected income return through operations starting at 9.1% on stabilized income, rising to 10.8% per annum after three years of stabilised operations and a targeted IRR of +15% over a five year investment period.

Ibdar announces exit from four Bahrain-based real estate investments for USD21.67 million

Bahrain-based Ibdar Bank has announced the successful exit from four Bahrain-based real estate investments for a total value of USD 21.67 million. The first two exits consist of the sale of two 11-story buildings acquired by the Bank for total consideration of USD12.07 million. The first is a 64-apartment fully furnished building located in Manama and the other consists of 38-fully furnished apartments in Busaiteen. The other two exits consist of the sale of the Bank's affiliate company's 11-story and 10-story properties located in the popular Juffair area. The properties consist of 83 fully furnished apartments in total and supporting convenience, leisure and parking facilities, which were sold for a total consideration of USD9.6 million.

Ibdar Bank appoints new CFO Janaka Mendis further strengthening management team

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.

Ibdar Bank first-half revenues surge 51pc

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.

Ibdar bank appoints new Chief Investment Officer Ahmed al-Rayes

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.

Ibdar Bank Wins the "Aircraft Finance Deal of the Year" Award for landmark leasing agreement with Ethiopian Airlines

Bahrain based Ibdar Bank together with Dubai-based Palma Holding received the African Aviation Awards' "Aircraft Finance Deal of the Year" for their successful structuring of a 12-year agreement for acquiring four brand new Bombardier Q400 Next Gen aircrafts and leasing them to the Ethiopian Airlines. The African Aviation Awards were introduced by African Aviation Magazine in 1999 in order to give International recognition to those individuals, companies and organisations who have made significant contributions to Aviation Development in Africa. Valued at USD 100 million, Ibdar Bank contributed as investor with USD 22 million, while an amount of USD 78 million was secured through a funding agreement with Canada's Export Credit Agency "EDC".

Ibdar Bank announces profits of USD3 million for the First Quarter of 2015

Bahrain-based Ibdar Bank has announced its financial results for the first quarter of the year ended March 31, 2015 marked by strong performance and profitability. For the quarter, the Bank reported a net profit of USD3 million compared with USD1 million in the first quarter of 2014, an increase of 200%. Total income for the period also rose significantly by 65.8% to USD6.3 million versus USD3.8 million in the prior-year period. Strong profits can be attributed to an increase of 1778% in the Bank's income generated from investment banking services over the prior year as well as from income generated by gains made in the trading of investments and securities and profitable exits from existing investments.

Ibdar Bank’s landmark $100m lease agreement with Ethiopian Airlines pays first dividend

Bahrain-based Ibdar Bank successfully concludes the structuring of a 12-year agreement expiring in 2026 for acquiring four brand new Bombardier Q400 Next Gen aircrafts and leasing them to the Ethiopian Airlines. The agreement that was structured under a joint venture with Dubai-based operating lessor Palma Holding, includes options for an additional four Q400 NextGen aircraft, which Ibdar Bank intends to exercise in the near future. Valued at USD 100 million, Ibdar Bank contributed as investor with USD 22 million, while an amount of USD 78 million was secured through a funding agreement with Canada’s Export Credit Agency “EDC”.

Ibdar Bank appoints Basel Al-Haj-Issa as new Chief Executive Officer

Bahrain-based Ibdar Bank has announced the appointment of Mr. Basel Al-Haj-Issa as the Bank's new Chief Executive Officer, with effect from 1 September 2014. Mr. Al-haj-Issa is a senior banker with over 20 years of international exposure in Islamic Investment and Commercial Banking in the GCC and MENA, CIS and South East Asia. Prior to joining Ibdar Bank, he was the Chief Executive Officer of Saba Islamic Bank - Republic of Yemen. Prior to that, he was the Director of Financial Institutions Development Dept. at the ICD - managing a portfolio of 25 financial institutions in over 20 countries. Mr. Al-Haj-Issa holds a Master degree in Business Administration and Bachelor of Science (Mathematics) from Marshall University, USA.

Bahrain's Ibdar Bank eyes larger deals after three-way merger

Bahrain's Ibdar Bank was launched as a brand on Monday following the merger of Capivest, Elaf Bank and Capital Management House, after more than a year of negotiations between the Bahraini lenders and authorities. Ibdar hopes to leverage the combined expertise of its predecessor banks and a larger balance sheet to win business. The Islamic lender now has $300 million of paid up capital, $329 million in equity and assets of $360 million, which it hopes can help it win deals in its focus areas of capital markets, private equity and real estate. Ibdar is not leveraged and will retain Elaf Bank's licence in Malaysia to support a geographical scope that includes the Middle East, North Africa and Turkey.

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