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Bahrain Islamic Bank (BIsB) executive director for information technology Ashraf Shokry has won this year’s the FT Summit Award for the Middle East in 2007.
Commenting on this significant development, BIsB Chief Executive Officer Yousif Saleh Khalaf said: “I would like to express personally and on behalf of all BIsB family our sincere congratulations to Mr Shokry for winning this major award which we are fully confident that he is worthy of this recognition.”
“We in BIsB are proud that this international award has been given to one of the bank’s staff members. This award also proves that the bank has competent and efficient people among its staff. It augurs well for the future which the bank is now building up to be the basis for electronic Islamic banking as it has been the foundation of Islamic banking in Bahrain three decades ago.” Khalaf added.
The FT Summit is considered as one of the major events. Last year it was attended by more than 250 delegates from various companies and institutions from around the world and was attended by representatives of the biggest 100 banks in the Middle East.
Bank honoured
New York-based Global Finance magazine named Gulf International Bank (GIB) as the “Best Equity Bank in the Middle East/Africa” after conducting a survey of the world’s best investment banks.
According to the magazine, “editors, with input from industry experts, used a series of criteria to arrive at their selection. These included market share, number and size of deals, customer service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, and after-market performance of underwritings.”
Deals announced or completed during the last two quarters of 2006 and the first quarter of 2007 were considered in the survey.
GIB’s chief executive officer Dr Khaled M Al Fayez said: “We are pleased to receive another award that recognises our leadership and achievements in the region’s investment banking field.”
Stake acquired
GrowthGate Capital Corporation, the newly-established Bahrain-incorporated buyout firm, has announced the execution of a final sale and purchase agreement to acquire 49 per cent of the capital stock of E-Freight International, a leading logistics, warehousing and freight forwarding company based in the UAE. The amount of this purchase was not disclosed. The investment by GrowthGate in E-Freight will be in the form of a capital increase to secure the company with growth capital and expansion finance.
