Ith­maar Bank, AUB sign $167m deal

The Pak Banker - - Front Page -

MANAMA: Bahrain­based Ith­maar Bank, an Is­lamic re­tail and com­mer­cial bank, and Ahli United Bank (AUB), a full com­mer­cial bank­ing in­sti­tu­tion, signed a $167 mil­lion, five-year se­cured Morabaha fa­cil­ity. The se­cured Morabaha fa­cil­ity, Sharia-com­pli­ant Is­lamic fi­nance, is fully un­der­writ­ten by AUB.

The agree­ment was signed by Ith­maar Bank Chief Ex­ec­u­tive and mem­ber of the board Mo­hammed Bucheerei and AUB Group Chief Ex­ec­u­tive Of­fi­cer and Man­ag­ing Di­rec­tor Adel A. El­Lab­ban at a cer­e­mony held at the Ith­maar Bank head­quar­ters. ?"The trans­ac­tion marks the re­turn of Ith­maar Bank to the credit mar­kets af­ter its re­or­ga­ni­za­tion and trans­for­ma­tion into an Is­lamic re­tail-fo­cused bank ear­lier this year," Ith­maar Bank said in a state­ment.

?Ith­maar Bank is listed on the Bahrain and Kuwait stock ex­changes and holds a full Is­lamic re­tail bank­ing li­cense is­sued by the Cen­tral Bank of Bahrain. The bank has an es­tab­lished lead­ing po­si­tion in the Is­lamic bank­ing in­dus­try. The bank's ac­tiv­i­ties in­clude re­tail bank­ing, com­mer­cial bank­ing, as­set man­age­ment and pri­vate bank­ing.

?"We are pleased to have en­gaged in this sig­nif­i­cant Morabaha fi­nanc­ing deal with Ahli United Bank," said Bucheerei. "It clearly re­flects our coun­ter­part's con­fi­dence in Ith­maar Bank's im­prov­ing fi­nan­cial po­si­tion and our abil­ity to main­tain a strong bal­ance sheet and share­hold­ers' eq­uity which, at the end of the nine month pe­riod ended 30 Septem­ber 2010, stand at $5.5 bil­lion and $796 mil­lion re­spec­tively. The bank also re­ported a strong fi­nan­cial per­for­mance for the third con­sec­u­tive quar­ter this year." AUB is a re­gional bank­ing group based in Bahrain with sub­sidiary and as­so­ci­ate banks in Kuwait, Qatar, Oman, Egypt, Iraq, Libya and the UK. -PB News

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