Faysal Islamic Bank of Bahrain (FIBB), a regional Islamic commercial bank, has reported a 17 per cent rise in net profits to $7.6 million in the first half of 1996 compared with the same period the previous year.

Total assets fell to $310.7 million from $461.4 million. ‘The reduction in total assets is attributable to a significant decrease in liabilities due to banks plus placements with funds under management,’ an official statement says.

FIBB is increasing its capital over a two-year period by capitalising reserves and issuing bonus shares – shareholders’ equity stood at $108 million compared to $100.8 million at the start of 1995. The bank is part of the Genevabased Dar al-Maal al-Islami Group.