The local Shamil Bankhas announced expected profits of almost $11 million for 2001, which was its first full year of operations. Customer deposits were expected to reach $817 million. The company says it will release full figures in early March.
The figures suggest that Shamil, an Islamic financial institution, enjoyed a strong second half in 2001, after achieving profits of $4.5 million in the first six months of the year. A company official attributed the profit growth to an increased number of accounts.
Shamil was formed in June 2000 by a merger of Faysal Islamic Bank of Bahrain and Islamic Investment Company of the Gulf, to create one of the world's largest financial institutions. Profits in that year were only $6 million, representing a significant fall from the $10 million achieved in 1999 by the two banks prior to the merger. Shamil attributed its poor 2000 performance to high taxes on subsidiaries in Pakistan and Bangladesh.
You might also like...
Egypt private-to-private renewable scheme takes off
23 April 2024
Cayan Group to build Hilton hotel at Neom
23 April 2024
Kuwaiti environmental project ahead of schedule
23 April 2024
Sabic inaugurates world’s first electric steam cracker
23 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.