Flip through the latest issue of Gulf Weekly.
Bahrain-based First Energy Bank (FEB), the world's first Islamic investment bank focused exclusively on the energy sector, announced profits of $5.6 million for the first half of 2009.
The bank also reported a gross income of $16.6 million, which included $9.4 million earned on short and long-term treasury transactions, $5.8 million on advisory services provided to local banks and $1.4 million earned on available-for-sale Sukuk investments.
These robust half yearly results reinforce the strong position of the relatively new organisation, whose asset base remains liquid at over $1.1 billion.
During the period, FEB also announced it has been active in pursuing and cementing new investments in the energy sector, such as Bahrain's $2.1 billion Al Dur water and power project, in which the bank has recently acquired a 8.83 per cent stake.
CEO of First Energy Bank, Vahan Zanoyan, said: "It is important to realise that this is the first full year of operations for FEB, and that we are still building the bank in terms of our investment portfolio, capabilities and our operations.
"At the same time, we are forging along our investment pipeline with deals we see as potentially lucrative to our clients.
"We expect renewed investment in the energy sector, and FEB has a good pipeline of potential deals under consideration spanning the upstream, downstream, oilfield service and utilities sectors.
"We shall continue with our investment strategy to minimise risk with a diversified portfolio including petrochemical, hydrocarbon and renewable/alternative energy sources."
First Energy Bank is headquartered in Manama. Its founders believe that the global energy sector and the Middle East and North Africa region offer excellent opportunities for private equity and Islamic financial investment.
It aims to offer investors unique and specialised opportunities that capitalise on the MENA region's status as the centre for world energy.
The bank focuses on investments in the development, production, transportation, storage, refining and distribution of hydrocarbons, as well as on oilfield services and energy sector technologies.
FEB also explores opportunities to invest in the development of power generation capacity and renewable energy technologies.
The bank also operates in accordance with Islamic sharia'a principles as a financial partner in project development, joint ventures, mergers and acquisitions and the purchase of assets and asset portfolios.
FEB was established with authorised share capital of $2 billion, consisting two billion ordinary shares with a par value of $1 each.
FEB issued share capital of $ 1 billion which was fully subscribed and paid-up through a private placement by Gulf Finance House.
