IslamicFinance.de

Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, has completed due diligence on a proposed merger with Bank Alkhair, a Bahrain-based Islamic wholesale bank. KHCB shareholders were told by chairman Dr Fuad Al Omar that the matter was under discussion and no decision had been taken yet. When compared with 2012 levels, the bank's total assets grew by 14.6 per cent to BD542.2 million last year with the consumer finance portfolio increasing by 66.7pc. However, the provision of an aggregate amount of BD17.7m in impairment provisions and marked to market losses resulted in net loss of BD19.2m. Dr Al Omar said the bank continued to improve its profitability with increase in revenue from core operations and control of costs. On future plans, he said KHCB would launch new products based on customer needs.

Mr. Yousef Al Mahmeed, Chairman of Hamad Town Charity Fund thanked Khaleeji Commercial Bank and its chairman Dr. Fuad Al Omar for its contribution towards sponsoring a number of needy families in association with the Charity Fund. Khaleeji Commercial Bank has agreed to use part of its charity fund to support a number of families sponsored by Hamad Town Charity Fund to ensure the support goes directly to the needy families. Mr. Yousef thanked the Bank for its initiative and continuous support for programs organized by Hamad Town Charity Fund and other general initiatives taken for similar projects. The Charity Fund will facilitate the process of helping those selected families by providing the Bank with their names, details and identified needs.