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The Islamic Bank of Asia commits to office space in Bahrain Financial Harbour
Singapore's first Islamic bank signs Agreement with Bahrain Financial Harbour Holding Company (BFHHC) to occupy 45th floor in the Financial Centre's West towerManama, Bahrain, 5th, March, 2008: Bahrain Financial Harbour Holding Company (BFHHC) today announced that it has signed an agreement with The Islamic Bank of Asia (IB Asia), Singapore's first Islamic bank, formed as a joint venture with participation from GCC investors. As per the terms of the agreement, IB Asia has committed to occupy the 45th floor in the West Tower, in the 'Financial Centre,' which constitutes phase I of Bahrain Financial Harbour (BFH).
Commenting on the agreement with IB Asia, Mr. Salwan Uchi, Senior Manager Leasing, Sales & Marketing BFHHC, said: "It is not surprising that the bank chose Bahrain Financial Harbour to launch its operations in the Middle East. In addition to the advantages that BFH's highly focused, committed and advanced financial environment offers, the new bank will also enjoy easy access to investment opportunities in the GCC and Asia because of Bahrain's strategic location at the international crossroads.
"Additionally, IB Asia will also benefit from its close proximity to major Islamic banking institutions and the Kingdom's position of prominence in the Islamic Finance where it accounts for over 17% of the market. We are delighted that IB Asia and its promoters have chosen BFH over other international financial centres," Mr. Uchi added.
The Islamic Bank of Asia was launched on May 07, 2007 by DBS, the largest bank in South east Asia, and GCC based investors. The bank's operations are supervised by a four-member team of Islamic scholars. Through its Shariah-compliant product offerings, it aims to facilitate access to investment opportunities in Asia and the Middle East.
Commenting on the agreement with BFHHC, Mr. Ala' AbuMughli SVP, Corporate Banking & Chief Rep.-Middle East said: "The right location is of extreme significance to IB Asia and we are glad that we chose BFH, which is a financial sector focused, technologically advanced and fully integrated master planned development, as our entry point into the buoyant GCC capital market. With all the benefits that the BFH address offers, we feel confident that we will get off to a good start. IB Asia is well set to achieve its goal of becoming one of the largest and most innovative Islamic banks in the world. "
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Note to the editor
About BFH
A fully integrated, master-planned development, the US$ 3-billion Bahrain Financial Harbour (BFH), is creating a complete financial city, a self contained community and reinforcing Bahrain's unsurpassed position as the financial capital of the Middle East. A first of its kind development in the region, BFH is a highly focused, committed and advanced financial environment spread over 380,000 square metres of prime seafront property in the centre of Manama, Kingdom of Bahrain. Furthermore, it comprises of 10 projects that uniquely combines business, leisure and residential components under one canopy. Phase I of the project ‘The Financial Centre' which includes the Harbour Towers - Bahrain's tallest towers and the Harbour Mall. The Financial Centre is operational and open for business.
We should have a para on IB Asia as follow :-
About The Islamic Bank of Asia
Incorporated in May 2007 with DBS Bank and prominent investors from the Gulf Cooperation Council (GCC) countries as shareholders, The Islamic Bank of Asia (IB Asia) combines banking expertise and insights of Asia with strong Islamic banking credentials to tap into opportunities within Asia and the Middle East. Headquartered in Singapore, IB Asia focuses on commercial banking, corporate finance, capital market and private banking services. To find out more about IB Asia, log on to http://www.islamicbankasia.com/.
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