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The First Investment Bank, a $200 million Sharia-compliant investment bank, opened its headquarters in Seef District.
Chairman Dr Mohammad A Al Alloush said: "The kingdom's 'business-friendly' initiatives being implemented by the government in co-ordination with the Economic Development Board, combined with the Central Bank's robust regulatory framework made Bahrain the natural choice for us to base our operations."
The bank is registered as a Bahrain Joint Stock Company (closed) and offers institutional and individual investors diversified products and services with a special focus on the Middle East and North Africa region.
With an authorised capital of $200 million (BD75.4 million) and a paid up capital of $120 million (BD45.25 million), the bank's shareholder base consists of some of the region's renowned financial institutions including First Investment Company of Kuwait, Boubyan Bank of Kuwait, Commercial Real Estate Company of Kuwait, Gulf Investment House of Kuwait, Tabayun Investment SPC of Bahrain, Abdullatif AlIssa Group of Saudi Arabia, Al Mawarid Finance of Dubai and Noor Capital of Abu Dhabi.
Dr Al Alloush said: "The GCC is the world's fastest-changing economy. The region's liquidity and oil reserves, coupled with the bold move to diversify its economic base, present an attractive proposition for investors.
"Over the past five years the Islamic banking industry and financial services sector as a whole has undergone a rapid transformation and we now see some of the most dynamic and innovative transactions being launched from the Gulf region."
Heading the bank's senior management team is Bahraini national and financial industry veteran, Jamal Ali Al Hazeem.
He said: "With Islamic banking firmly on the rise, there is an ever increasing need for skilled professionals who can shape the industry's future.
"First Investment Bank's emphasis on training and development has enabled the bank to attract and build a team that possesses an intricate knowledge of Sharia guidelines and of the changing conditions in the investment environment. Equipped with that knowledge our people are able to maintain solid client relationships based on common goals and shared values."
Over the past five years Sharia compliant banking has emerged as the financial system of choice for high net worth individuals in the GCC region to manage their wealth.
The global Islamic banking industry now manages over $500 billion (BD188.532 billion) in funds, with Islamic banks in the GCC alone recording average net profit growths of 11 per cent annually.
The bank's Sharia Supervisory Board includes eminent scholars from the Islamic finance industry including Shaikh Nizam Yaquby and Shaikh Esam Mohammed Ishaq from Bahrain and Shaikh Dr Abdul Aziz Al Qassar from Kuwait.
Mr Al Hazeem said: "Our investment strategy is developed around capital and fee based business lines and we aim to generate income through private equity, real estate, and capital markets."
