Shamil profits hit $11 million

01 March 2002

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.

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