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Bahrain Islamic Bank (BisB) has joined the Pearl Initiative, the Gulf business-led organization promoting a corporate culture of accountability and transparency as a key driver of competitiveness across the Region. As a partner of the Pearl Initiative, Bahrain Islamic Bank will encourage the implementation of corporate governance practices and gender diversity in leadership at workplaces throughout the region. Through its association, BisB will participate in dialogue forums and capability-building seminars, facilitate engagement with peers and work alongside Pearl Initiative to encourage social entrepreneurship across the Region.

Bahrain Islamic Bank announces that it has appointment Fahim Ahmed, as the Bank's new Chief Risk Officer effective 01 December, 2015. Mr. Ahmed brings over 17 years of international banking experience where he held various roles in corporate banking and risk management, the last as Chief Risk Officer at Standard Chartered Bank Bahrain, where he has been for the last three years. Mr. Ahmed has served in several markets such as Pakistan, Qatar, Oman, UAE and UK. He has a diploma in Islamic Finance (CDIF) and an MBA from the University of Warwick, UK. The position's scope includes not only the historical risk management responsibility, but also credit risk management, operational risk management and portfolio management.

Bahrain Islamic Bank (BisB) announced that its Extra Ordinary Shareholder Meeting has approved all agenda items, in the meetings which was held yesterday Tuesday 27th October 2015 at 10:00 am at BisB Headquarters – Al Salam Tower – Diplomatic Area. The items included the following the reduction in issued and paid-up capital of BisB aiming to write-off accumulated losses and the issuance of up to 200,000,000 Ordinary Shares with Nominal Value of BD 0.100 each. The EGM has empowered the Board of Directors to decide upon the terms and conditions of the Rights Offer. The EGM then exempted any existing shareholder whose ownership may increase up to 30% or more to make a mandatory offer to all shareholders.

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 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.

It was reported that Standard Chartered PLC’s Chief Executive Officer for Bahrain, Hassan Jarrar, is leaving to head Bahrain Islamic Bank BSC. Standard Chartered confirmed his departure. Jarrar served as CEO of its Bahrain unit since November 2011, and was earlier the head of origination and client coverage for the lender’s wholesale banking unit in the UAE. Jarrar’s departure comes amid a shake-up in top management at the London-based lender after profit slumped. Chairman John Peace, CEO Peter Sands, Asia head Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas, are all leaving the bank.

Islamic International Rating Agency (IIRA) has reaffirmed ratings of Bahrain Islamic Bank (BIsB) at BBB/A2 on the national scale and BBB-/A3 on the international scale. Outlook on the ratings is 'Stable'. IIRA has also reassessed BIsB's fiduciary score at '65-70'. There has been gradual improvement in the bank's funding access, as well as an improved earning capacity. Meanwhile, the bank has maintained strong control on operating expenses, which is beginning to reflect in overall profitability. However, prior year losses have depleted equity levels and recapitalization is required not only to financially reinforce the bank, but also to benefit from a growing market and expand business operations.

Bahrains Housing Ministry launched the second Social Housing Finance Programme exhibition. The event is one of the ministry's efforts to inform about the programme launched in October 2013.

The resignation if Dr Ayoub follows his appointment as Assistant Secretary General with the Kuala Lumpur, Malaysia-based Islamic Financial Services Board. His new role as a regulator in the IFSB requires him to avoid any direct and official association with a regulated entity.

Moody's Investors Service has confirmed Bahrain Islamic Bank's (BIsB) supported issuer ratings at Ba3, with a negative outlook, and affirmed its short term ratings at Not Prime. At the same time, Moody's downgraded BIsB's standalone bank financial strength rating (BFSR) by one notch to E from E+, equivalent to a baseline credit assessment (BCA) of caa1 from b3 previously. Moody's downgrade of the standalone credit profile reflects BIsB's still thin and vulnerable capital base, given the continued lack of clarity surrounding the timing, nature and amount of the anticipated capital injection. These weaknesses are partially moderated by BIsB's solid funding and liquidity position.The negative outlook on the supported issuer rating is aligned with negative outlook on the ratings of the Government of Bahrain, the ultimate provider of systemic support to the bank.

Bahrain Islamic Bank (BisB) has reported a net profit of BD3.8 million ($10.1 million) during the first nine months of the year from a net loss of BD20.8 million during the same period last year. Net profit for the third quarter this year amounted to BD1.4 million versus a net loss of BD4.9 million during the same quarter last year. This is after setting aside provisioning amounting to BD3.4 million for the quarter under review as against BD5.4 million during the corresponding previous period. The bank made an operating profit of BD12.9 million during the first nine months of the year. Operating profit for the third quarter was BD4.8 million. Chairman Abdul Razaq Al Qassim said the results reflect a prudent policy and all earnings represent principal activities involving the bank's assets.

Moody's Investors Service has today taken actions on National Bank of Bahrain, BBK, BMI Bank and Bahrain Islamic Bank. The ratings agency has confirmed that National Bank of Bahrain (NBB) and BBK received Baa2/Prime-2 deposit and senior debt ratings, with a negative outlook. Regarding BMI Bank, Moody's has extended the review for downgrade on the bank's Ba1 deposit rating, and affirmed the bank's standalone E+ bank financial strength rating (BFSR) with a stable outlook, equivalent to a baseline credit assessment of b1. In addition to these actions, Moody's has also extended the review for downgrade on all the ratings of Bahrain Islamic Bank (BIsB) to reflect its extensive capital needs and ongoing uncertainties around the recapitalisation of the bank.

Mr. Abdul Razak Abdulla Al-Qassim - Chairman of the Board of Directors announced that the Board has approved the Financial Statements for the period ended on 30th June 2013. The Bank registered BD2.4m as net profit for the first half of the year after deducting BD5.7m as provisions compared to a net loss of BD15.8m for the same period last year. The Board has taken provisions of BD5.7m as a precautionary step against any unforeseeable deterioration in asset values compared to BD15.9m for the same period last year. Net operating profit for the three months of the second quarter registered BD3mn compared with BD1.4m for the same period in 2012. These results are considered good considering the prevailing economic circumstances.

An Ordinary Shareholder Assembly of Bahrain Islamic Bank (BisB) was held on Sunday 7th July 2013 with the objective of electing a new Board. The result was the election of four new members to the Board in addition to the five members who are appointed. The following four members are the ones who were successful in the elections: Talal Ali Abdulla Al-Zain, Khalil Ebrahim Nooruddin Nooruddin, Ebrahim Hussein Ebrahim Abdul-Rahman, Othman I. N. Al-Askar. Accordingly, the Board of Directors constitution now is complete with a total number of nine as follows: Mr. Abdul Razak Abdulla Hassan Al Qassim (Chairman), Brig. Khalid Mohammed Al Mannai (Vice Chairman), Mr. Talal Ali Abdulla Al Zain, Mr. Khalil Ebrahim Nooruddin, Mr. Mohammed Al Zarrouq Rajab, Mr. Mohammed Ahmed Abdulla Ali, Mrs. Fatima Abdulla Budhaish, Mr. Ebrahim Hussain Ebrahim Abdul Rahman, Mr. Osman Ebrahim Naser Al Askar.

Moody's Investors Service said it has placed four Bahraini banks - National Bank of Bahrain (NBB), BBK, BMI Bank and Bahrain Islamic Bank (BIsB) - on review for possible downgrade of its deposit, issuer and senior debt ratings. As part of the same rating action, Moody's has also placed on review for downgrade the standalone bank financial strength rating (BFSR) of BIsB. Moody's decision comes following the potential weakening in the sovereign's capacity to provide support to the banks, as signaled by the agency's decision to place the Baa1 Bahraini government bond rating on review for possible downgrade. The sovereign review was prompted by the fiscal implications of Bahrain's high and rising break-even oil price; the outlook for lower trend economic growth in the country over the medium term and the impact of a low-growth, high government expenditure and weaker oil price scenario on Bahrain's long-term debt sustainability.

The Bahrain Islamic Bank (BisB) has appointed Abdul Razaq Al-Qassim as new board chairman. Mr. Al-Qassim will take over from incumbent Khalid Al-Bassem, who opted to quit after holding the position for eight years. The appointment was on the sidelines of a BisB board meeting which finalized the sale of shares of Kuwaiti Investment House Holding Co. (51% of BisB shares) to National Bank of Bank (25.8%) and the General Organisation for Social Insurance (25.8%). The bank has also decided to convene a regular general assembly on July 7 to elect a new board following the ownership overhaul.

The National Bank of Bahrain (NBB) and a local pension fund will buy a 51.6-percent stake in Bahrain Islamic Bank. As part of the deal, NBB and Social Insurance Organization Asset Management Company, a unit of pension fund Social Insurance Organization, will each take a 25.8-percent stake in Bahrain Islamic for 72 fils per share. Based on Bahrain Islamic’s total outstanding shares, the value of the deal is about 34.9 million dinars ($92.57 million). The transaction will provide NBB an opportunity to expand into Islamic banking.

The National Bank of Bahrain (NBB) is likely to acquire the loss-making Bahrain Islamic Bank (BisB) and give itself an Islamic finance arm. NBB’s chairman Farouk Almoayyed said that the acquisition is a business opportunity as his bank does not have an Islamic banking operation. They are confident that it will do well under their management, he added. Last year, BisB, the first Islamic bank in Bahrain, posted a net loss of BD36 million ($94.95 million). NBB however is looking strong and is keen to move into the Islamic market.

The planned merger of two Bahraini banks, besides having the aim to create the largest Islamic lender in the Gulf Arab kingdom, has the possibility to break the ice for more consolidation in a regional industry frozen in its tracks by unrealistic valuations and ownership limits.
The proposed tie-up between Bahrain Islamic Bank and smaller rival Al Salam Bank to develop a $4.5-billion (U.S.) entity is a big test for the region after the last attempted merger, between two Qatari banks, was a failure.

Bahrain Islamic Bank wants to merger with Alsalam Bank. The main reason is to become the largest Shari'ah-compliant bank in the Kingdom.