IslamicFinance.de

Shamil Bank has taken over Faisal Private Bank in Switzerland completely and is itself is a wholly-owned subsidiary of Ithmaar Bank. Shamil Bank also acquired a 34 % stake in takaful company Solidarity.

Shamil Bank reported USD 66.8 mn in total income, and a net profit of USD 22.8 mn last year during their Annual General Meeting.

Faisal Al Alwan is the CEO of Shamil Bank.

Frederik Richter reported on 15 March based on Reuters that Bank of Bahrain and Kuwait (BBK) is looking for opportunities to acquire after the planned merger with rival Shamil Bank was put on hold.

BBK recently created its fully-owned Islamic investment bank Capinnova. BBK has a market capitalization of about $1.04 billion and a market share of 15-20 percent in the Bahraini retail market, according to its own estimates. (Reuters)

Shamil Bank said that it had made USD 66.8 mn in total income for last year. The bank's net profit last year amounted to USD 22.8 mn, while Q4 last year, the bank sustained $16.3 million in losses.

Over the year, commodity Murahabas (bank placements) increased significantly from $424 million to $1.043 billion. The bank's Murabaha Financing (loans and advances) activities also increased from $807m to $1.048 billion.

Press Release

PARIS (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that it affirmed its 'BBB-/A-3' ratings on Shamil Bank of Bahrain. The outlook on the ratings remains negative. The ratings were subsequently withdrawn at the bank's request.

As a result of the withdrawal, Shamil will no longer be subject to Standard & Poor's review. At the moment of the ratings withdrawal, the bank had no rated debt outstanding.

Shami Bank released on 13 April the successful closure of its USD 90 mn Shamil Bosphorus Modaraba, an investment vehicle with an expected 60 % over three years focussing on residential and mixed-use real estate developments in Istanbul, and secondary homes on the Turkish coast.

The total cost of the projects targeted is approximately USD 450 mn. Shamil Bank subscribed to 10 % of the USD 90 mn.

Abdul Hakim Al Mutawa is Investment and Private Banking Head of Shamil Bank.

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