Kuwait-based Islamic finance and investment company Investment Dar is looking to increase the capital of Bahrain Islamic Bank (BIB) to at least $300 million to enable the bank to pursue regional expansion. 'BIB's capital, which at present is very low, needs to be strengthened, subject to approval by the board and the authorities,'
says Investment Dar's chairman and managing director Adnan al-Musallam. 'We think that the bank needs to go regional, and for cross-border activities you need a minimum capital of about $300 million. BIB is our only banking identity and it will be our vehicle for any banking expansion elsewhere.' Investment Dar acquired a 30 per cent stake in the Bahraini bank in late 2005 for BD 32 million ($84.2 million - MEED 14:10:05).
You might also like...
Red Sea Global awards Marina hotel infrastructure
18 April 2024
Aramco allows more time to revise MGS package bids
18 April 2024
Morocco tenders high-speed rail project
18 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
