IslamicFinance.de

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.

The three Bahraini Islamic investment Banks Capivest, Elaf Bank and Capital Management House have agreed to merge in order to better compete in a fragmented market. The combination will create a bank with assets of $400 million which should be able to win larger projects while benefiting from a more diverse balance sheet. Kuwait Finance House advised the lenders on the merger. The deal must still be approved by Bahrain's central bank and the Ministry of Industry and Commerce.

The three Bahraini Islamic banks Capivest, Elaf Bank and Capital Management House have completed their merging into a single entity with total assets worth over $400m and total equity of around $340m. Shareholders had given their approval to the tie-up at the end of June. Advisors on the three-way merger were Deloitte and law firms Trowers & Hamlins and Elham Ali Hassan and Associates.

The merger between three Islamic banks based in Bahrain - Elaf Bank, Capital Management House and Capivest - has been successfully closed by Kuwait Finance House-Bahrain (KFH-Bahrain). The merger will enable a strengthened financial institution with a total equity reaching approximately $340 million. The total assets in excess will be $400m spanning the Middle East and North Africa (Mena), Europe and Asia. KFH-Bahrain played the role of transaction and lead adviser. The discussions and procedures started in late 2011 leading now to the creation of a robust merged entity which is more competitive in the field of global Islamic banking and investment industry.

Capital Management House stated that it has performed the second distribution of dividends to GCC investors of its aircraft leasing investment fund for the period ending 30 June 2011.
The dividends are paid on a quarterly basis and have been calculated at 10% per annum. They a number of high net worth individuals, family offices and institutions from across the region.
The fund has been coordinated around a transaction concluded with Emirates Airlines, one of the world's leading carriers, which was announced in January 2011 and consists of the acquisition of a Boeing 777-200ER aircraft from the airline and an agreement whereby it has been rented back to Emirates.

Capital Management House announced that it has entered into a joint venture with Skaugen Marine Company SE ("SMC"), a wholly owned subsidiary of I.M. Skaugen SE ("IMS"), a leading Norwegian petrochemical and logistics transportation marine company, and nogaholding Company, the business and investment arm of Bahrain's National Oil & Gas Authority (NOGA), in Skaugen Gulf Petrochem Carriers BSC(c) ("SGPC").

Islamic private equity funds in the Persian Gulf plan to take advantage of lower asset prices after the property market in Dubai tumbled as much as 50 percent from its peak in 2008.
The National and Kipco Asset Management Co., a Kuwaiti investment bank, started a $200 million Shariah-compliant fund this month, Yahya Jalil, director of private equity at Abu Dhabi-based investment and advisory company The National Investor, said. Bahrain’s Capital Management House plans to complete a transaction and buy stakes in companies specializing in aviation and energy, Chairman Khalid Al Bassam said.

The Bahrain-based Islamic investment company Capital Management House (CMH)said its net income increased to USD 14.4 mn (Dh 52.8 mn) last year compared to USD 5.6 mn a year ago. The firm's board recommended 16.6 % stock dividend. Asset under management have grown to reach USD 105.9 mn and the equity base USD 128.8 mn.