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GCC liquidity, oil offer scope for investors |
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| 'The GCC region's liquidity and oil reserves present an attractive proposition for investors' |
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(Sukuk.net - Bahrain Tribune) The GCC region's liquidity and oil reserves coupled with the bold move to diversify its economic base present an attractive proposition for investors, said Dr. Mohammad A. Al Alloush, chairman of First Investment Bank (FIB).
FIB, headquartered in Bahrain, is registered as a joint-stock company (closed), offering institutional and individual investors innovative products and services with a special focus on the Middle East and North Africa region.
With an authorised capital of $200 million and a paid-up capital of $120 million, FIB's shareholder base consists of some of the Gulf region's most renowned financial institutions.
"Over the past five years the financial-service sector as a whole has undergone a rapid transformation, and we now see some of the most dynamic and innovative transactions being launched from the Gulf region.
"Bahrain's Islamic finance sector is leading the way for the rest of the world in terms of research, regulation and performance. The Kingdom has firmly established itself as a global hub for Islamic finance as a result of the forward-thinking policies and focused efforts of the Central Bank of Bahrain (CBB)," said Dr. Al Alloush.
"The asset base of Islamic institutions in the Kingdom has increased 34.4 per cent over the past year, with Islamic banks reporting assets of up to $16.4 billion in total as of last year. These figures are indicative of the phenomenal growth the industry is currently experiencing.
"The Kingdom's business-friendly initiatives being implemented by the government in co-ordination with the Economic Development Board, combined with the CBB's robust regulatory framework, made Bahrain the natural choice for us to base our operations," Dr. Al Alloush pointed out.
"FIB's vision is to scale new heights in an increasingly competitive market environment.
"Our mandate is to not only deliver consistent, positive returns to our stakeholders but also to foster long-term, sustainable growth to the broader community. We intend to create new models in the region's investment banking industry and seek out partnerships between private and public sectors that'll deliver maximum benefits.
"As we begin to introduce innovative, high-return products to the market," said Dr. Al-Alloush, "we hope to generate further investment opportunities, providing a boost to the Kingdom's global position as a leader in the Islamic finance industry. With Islamic banking firmly on the rise, there's an ever increasing need for skilled professionals who can shape the industry's future."
"FIB's emphasis on training and development has enabled the bank to attract and build a team possessing an intricate knowledge of shariah guidelines and of the changing conditions in the investment environment. Equipped with that knowledge, our people are able to maintain solid client relationships based on common goals and shared values," said Jamal Ali Al Hazeem, bank's chief executive officer.
Over the past five years shariah-compliant banking has emerged as the financial system of choice for high-net-worth individuals in the GCC region to manage their wealth.
The global Islamic banking industry now manages over $500 billion in funds, with Islamic banks in the GCC alone recording average net profit growths of 11 per cent annually.
"The GCC is the world's fastest-changing economy. Our investment strategy is developed around capital- and fee-based business lines, and we aim to generate income through private equity, real estate and capital markets. FIB's strong pan-Gulf shareholder base allows us to cater for a wider target audience. Our investors will be able to capitalise on the strength of our integrated, regional and international network," said Al Hazeem.
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Source: Sukuk.net
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