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A government Islamic lease (Sukuk Al Ijara) issue floated to raise BD200 million ($530 million) is open to direct subscription by retail investors, the Bahrain Bourse (BHB) announced. Both Bahraini and non-Bahraini investors can subscribe to the issue through registered brokers at BHB. Each sukuk has a par value of BD1 and the minimum subscription is 500 sukuk (BD500). The securities have a tenure of 10 years with July 9 as the issue date and July 9, 2025 as the maturity date. The subscription ends on Tuesday, and investors will be able to trade the sukuk in the secondary market at BHB post listing, expected to be on July 26. The expected annual return (rent) on the securities is five per cent, to be paid every six months till maturity.

In compliance with Central Bank of Bahrain's requirements, Ithmaar Bank publishes its financial results in line with international accountings standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). In May, Ithmaar Bank received notification from the Kuwait Stock Exchange requiring the Bank to publish its financial results in line with the International Financial Reporting Standard (IFRS). Ithmaar Bank responded with a letter explaining that publishing two sets of financial results using different international accounting standards will create confusion among investors. Ithmaar Bank wrote to the Kuwait Stock Exchange requesting a meeting to review possible alternatives but has not yet received a response.

Bahrain Islamic Bank (BisB) has appointed Hassan Jarrar as its new chief executive, with effect from July 1. Jarrar, who is currently the chief executive of Standard Chartered Bank Bahrain, will take over the reins from Mohammed Ahmed Janahi who has been Bahrain Islamic Bank’s acting CEO since September 1 last year. Janahi will become the deputy chief executive after Jarrar takes over. The new chief executive said he was confident that Bahrain Islamic Bank would assume an active role in Islamic banking field through perfecting its systems and services and the development and refining of products to enhance its role and status in the local and regional markets.

Capital Intelligence (CI) announced today that it has affirmed Bahrain-based Al Baraka Islamic Bank’s (AIB) Financial Strength Rating (FSR) at ‘BB’, on ‘Stable’ Outlook, supported by its strong ownership, comfortable liquidity premised on customer deposit funding, and the improvement in the capital adequacy ratio (CAR). The FSR remains constrained by sovereign risk exposure in Pakistan (through ‘AlBaraka Bank Pakistan’), where economic conditions remain difficult despite some improvement, and a relatively high non-performing financings (NPFs) ratio and low loss-reserve cover. Also constraining the FSR is the Bank’s ongoing very weak profitability at both the operating and net levels. AIB’s Long and Short-Term Foreign Currency Ratings are maintained at ‘BB+’ and ‘A3’, respectively.

Eskan Bank (EB), established in 1979 and fully owned by the government, has the mandate to provide financing to the low-to-medium-income population segment, specifically to acquire (purchase/construct) a primary residence, and contribute to related property development. During its 36 years of existence, the bank has assisted approximately 35 percent of citizens by providing more than BD 700 million in mortgage financing. With its authorized share capital of BD 400 million and paid-up capital of BD 108.3 million, EB operates under a restricted conventional retail banking license issued and regulated by the Central Bank of Bahrain (CBB). Its total assets at the end of 2014 stood at BD 610.7 million.

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".

Bahrain-based Islamic investment firm Arcapita said on Wednesday it had sold its real estate portfolio of retirement communities across the United States to NorthStar Healthcare Income Trust for $640 million. The portfolio includes 16 facilities and 4,000 residential units for continuing senior care. Net operating income from the portfolio grew by 41 per cent between 2010 and 2014, despite a slump in the U.S. housing market following the 2008 financial crisis. Abdulmalik said the firm has given $3 billion in exit proceeds to its investors in the last two years but did not give a breakdown of profits for its real estate portfolio exit. In November, Arcapita completed a $100 million fundraising, a little over a year after emerging from Chapter 11 bankruptcy.

Bahrain-based Islamic investment firm Arcapita said on Wednesday it had sold its real estate portfolio of retirement communities across the United States to NorthStar Healthcare Income Trust for $640 million. The portfolio includes 16 facilities and 4,000 residential units for continuing senior care. Net operating income from the portfolio grew by 41 percent between 2010 and 2014, despite a slump in the U.S. housing market following the 2008 financial crisis. Abdulmalik said the firm has given $3 billion in exit proceeds to its investors in the last two years but did not give a breakdown of profits for its real estate portfolio exit. In November, Arcapita completed a $100 million fundraising, a little over a year after emerging from Chapter 11 bankruptcy driven by debt repayment difficulties.

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.

Standard & Poor's Ratings Services has revised its outlook on Bahrain-based Al Baraka Banking Group (ABG) to stable from negative. At the same time, it affirmed the 'BB+' long-term and 'B' short-term counterparty credit ratings on the bank. The outlook revision reflects the agency's expectations that ABG's capitalisation will improve in the next quarters, which would allow it to maintain a Standard & Poor's risk-adjusted capital (RAC) ratio above five per cent. It also reflects the lower pressure in the operating environments - namely Egypt and Jordan - of some of ABG's major subsidiaries. S&P views funding as average and liquidity as adequate. Although ABG has no access to its central bank's funding mechanisms, all subsidiaries are self-funded and would have access to funding mechanisms provided by their domestic authorities in case of need.

Bahrain's Khaleeji Commercial Bank (KHCB) launched a new corporate financing product, I'teman Financing, at a Press Conference that was held on Tuesday, the 12th of May 2015. I'teman Financing is a new product that is compatible with the provisions of Islamic Sharia and acts as a substitute for overdraft accounts. This product entitles the customers to cover operating expenses or financial overheads. Corporate institutions can apply for the credit line and can benefit from the availability of liquidity to do cash withdrawals, Telex Transfers and Demand Drafts, in addition to other financial transactions. The new banking product is Sharia'a compliant and targets corporate entities both inside the Kingdom of Bahrain and abroad in order to facilitate their flow of liquid funds.

More than 200 angel investors, start-ups from the MENA region and members of the local media gathered in Bahrain for the commencement of the second MENA Angel Investors Summit 2015. The event was organised by Tenmou, Bahrain's First 'Business Angels, in strategic partnership with the Economic Development Board (EDB). 45 fast-growth start-ups from Bahrain, Saudi Arabia, UAE, Lebanon, Morocco, Palestine, Egypt, and Jordan presented their business pitches to the angel investors in attendance in hopes of procuring more funding to take their businesses to the next level. The highlight of the summit was the launch of the region's first networking association, the MENA Angel Investor Network (MAIN).

Future Bank, a Bahrain-based Iranian bank, has appealed a recent decision by Bahrain's central bank (CBB) to place it along with another Iranian financial institution into administration under the pretext of protecting the rights of depositors and policyholders. CBB in the case of the Future Bank and the Iran Insurance Company will have the power to continue or to temporary suspend their operations, the power to suspend or limit the discharge of their financial obligations, and the power to conclude deals on behalf of them. The Future Bank was established in 2004 through a joint venture between Bank Saderat Iran, Bank Melli Iran, and Ahli United Bank (AUB) Bahrain.

An elite group of Sajaya Young Ladies of Sharjah is participating in the GCC Girls Cultural and Social Forum, taking place in Manama, Bahrain, from May 5th to 11th, to discuss topics and issues that concern GCC girls. Four girls from Sajaya are participating in the one-week forum as part of a UAE delegation under the umbrella of the General Authority for Youth and Sports Welfare, where Sajaya girls will present paperwork on Sajaya organisation and entrepreneurship. Organised by Bahrain’s General Organisation for Youth and Sports, the forum brings together a range of girls and young women from the six GCC nations to share opinions and expertise and speak about women entrepreneurship in the GCC countries.

Ithmaar Bank, a Bahrain-based Islamic retail bank, has reported a net profit of $7.62 million for the first quarter of 2015, a 261 per cent increase over the $2.11m net profit reported for the same period last year. Net profit attributable to equity holders of the bank for the first quarter of 2015 was $2.64m, a 426pc increase over the $0.5m profit reported for the same period last year. The bank's operating income has increased by almost 46pc to $83.34m for the first quarter of 2015, from $57.13m for the same period last year. This increase is mainly due to overall revenue growth, with net income, before provisions for impairment and overseas taxation, for the period increasing 292pc to $34.4m.

The Waqf Fund held its 8th Roundtable Discussion on "Venture Capital - Building the Next Phase of Economic Development in Bahrain". The half-day session was attended by a group of 39 senior professionals. Some of the key takeaways from the Roundtable are as follows: Venture capital is an important industry. An ecosystem is needed to create a vibrant venture capital industry. There is a strong case for the government to kick start the venture capital industry. A change of mindset is required among capital owners of the region. The conclusions reached and recommendations provided by the Roundtable Discussion will be compiled by the Waqf Fund for further consideration of the relevant authorities.

Bahrain’s central bank said on Thursday it had placed two Iran-linked companies, Future Bank and Iran Insurance Co, into administration to protect the rights of depositors and policyholders. In a brief statement, the central bank did not elaborate on why it took the action or give any information about the two companies. Future Bank, based in Manama, is a commercial bank which was founded in 2004 as a joint venture between two Iranian banks - Bank Saderat and Bank Melli - and Bahrain’s Ahli United Bank. Iran Insurance Co is the Bahrain branch of an Iranian government-owned insurer. It was not immediately known whether the action against the two companies in Bahrain was related to international sanctions against Iranian institutions.

The Central Bank of Bahrain (CBB) in cooperation with the Supreme Council for Women (SCW) hosted a roundtable discussion on the "Challenges Facing Women in Reaching Positions of Authority in the Financial Sector" on the 29th of April 2015. The session brought together leading female figures from the industry to share their experiences and insights into the obstacles that remain for women in climbing the corporate ladder. The roundtable was the first in a series campaign of activities to celebrate and promote the role of "Women in the Financial and Banking Sector" which leads to the main conference on November 30th 2015 under the theme ‘Women in Finance and Banking’.

Moody's Investors Service has today downgraded to Baa3/Prime-3 from Baa2/Prime-2 the deposit, issuer and senior unsecured debt ratings of three Bahraini Banks: BBK B.S.C., National Bank of Bahrain BSC, and Bahrain Development Bank B.S.C. Concurrently, Moody's downgraded the baseline credit assessments (BCAs) of BBK and National Bank of Bahrain to ba1 from baa3. These actions follow Moody's downgrade of Bahrain's government bond ratings to Baa3 from Baa2 on 16 April 2015 and reflect (1) the government's reduced capacity of support, and (2) the challenges in view of weaker economic growth. The negative outlooks assigned to the Baa3 long-term ratings of the three banks are aligned with the negative outlook on the government's Baa3 bond rating.

Bahrain-based Tadhamon Capital BSC has announced its successful exit from Paris Gardens - its first investment in a Central London student accommodation property. The sale of the property saw investors of Tadhamon Capital achieve more than 70 per cent return on their invested capital within a 30 month period. Since completion in the summer of 2013, the property has generated a stable net income of 8 per cent to investors. The sale of the property generated an IRR in excess of 25 per cent. Simultaneously, Tadhamon Capital has entered into a JV agreement for the development of a new, high-quality student accommodation, located at the centre of Kingston-Upon-Thames (South London).