Bahrain Islamic eyes Asia for expansion
Kuala Lumpur, November 20, 2008
Bahrain Islamic Bank is targeting Asia as part of plans to increase its presence beyond the Gulf state, the Islamic lender's chief executive said.
"Our plan is to expand outside Bahrain," Mohammed Ebrahim Mohammed told Reuters on the sidelines of an Islamic finance forum in the Malaysian capital.
"And (we're) also looking at other markets. This is before the crisis and now we believe there are more opportunities and mainly we're looking at Asia."
Bahrain Islamic is looking to establish or acquire stakes in Asian financial institutions, he said.
Meanwhile, the Bahraini lender, which holds a 30 percent in Islamic Bank of Yemen for Investment and Finance, raised from 2 percent in June, may further up its investment in the bank.
"It all depends on how the business will grow there. Definitely there are lots of opportunities in Yemen," Mohammed said.
He said signs of a weakening in Dubai's real estate market will "definitely" have an impact on Islamic banks in the Gulf states. "(But) maybe the impact in other GCC countries is less than in Dubai." - Reuters
More Finance & Capital Market Stories
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator