Kuwait Finance House - Bahrain received the Best Investment Advisory Service 2013 Award from CPI Financial for its role as the lead and transaction adviser for the three-way bank merger in Bahrain that was completed last December.

KFH-Bahrain, since late 2011, worked as lead and transaction adviser for the merger between three Bahrain-based Islamic banks, Elaf Bank, Capital Management House and Capivest, creating a strengthened financial institution with total equity exceeding $300 million and total assets in excess of $400 million spanning Mena, Europe and Asia, said a report in the Gulf Daily News.

"Winning this prestigious award proves the market's understanding of the need to create stronger entities, as this is the first ever merger of its kind that has resulted in creating a robust merged entity that is positioned to better compete in the dynamic and growing global Islamic banking and investment industry," said KFH-Bahrain chief executive Abdulhakeem Alkhayyat.

"The successful completion of this transaction is a great achievement for us and we will continue our vision and strategies in contributing towards the economic growth and sustainability of Bahrain. We consider this accolade as another milestone.

This annual event is organised by CPI Financial based in Dubai. CPI is the leading publisher of financial magazines in the Middle East, Banker Middle East, Islamic Business & Finance and Private & Hedge Funds Middle East.

The Islamic Business and Finance Awards have been designed to encourage, inspire and reward excellence within the global Islamic business and finance community and they have become the yardstick by which Islamic finance institutions and practitioners across the globe measure themselves. – TradeArabia News Service