| 13 Apr 2010 |
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Islamic finance industry will grow further in 2010 says Jamal Hijres - CEO Capinnova Investment Bank
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Manama, April 13th, 2010: Capinnova Investment BankCapinnova Investment Bank
- the Shari'a compliant investment banking arm of BBKBBK is confident about the Islamic finance industry in the region and predicts that it will grow further in 2010. CapinnovaCapinnova is licensed by the Central Bank of Bahrain; the bank is well capitalized and is wholly owned by BBKBBK. CapinnovaCapinnova has an authorized capital of US$500 million and paid-up capital of US$151.5 million.Capinnova Investment BankCapinnova Investment Bank's, Chief Executive Officer - Mr. Jamal Hijres, stated that, "The key fact that the Islamic finance industry is asset based and not debt financed, has protected and prevented this sector from the crises that has brought the downfall of conventional financial giants worldwide. We are confident about the Islamic finance industry's future and we believe that it will grow stronger in 2010,"added Mr. Hijres.
According to the recent Standard and Poor's report, assets of the top 500 Islamic banks expanded 28.6 per cent to total $822 billion in 2009, compared with $639bn in 2008. Total assets at Islamic financial institutions in the GCC grew continuously between 2003 and 2008, representing $288.2bn at end-2008.
"The Islamic banking sector is considered to be one of the largest growing sectors and a major revolution for the financial industry. The growth of Islamic banking industry in particular has been remarkable in recent years and as per published reports it is expected to touch US$4 trillion in the next five years. We aim to leverage on this exponential growth and further strengthen the Islamic Banking industry in Bahrain and across the region," added Mr. Hijres.
"I would like to mention that while Islamic finance is one of the big success stories in finance today, but it is worth looking at the current credit crunch in conventional finance to see how easily one problem can spiral out of control. This is something that Islamic finance practitioners need to take on board and make sure they are well prepared. Firm corporate governance programmes, striking a good balance between risk and reward, achieving greater market penetration, transparency on compliance, learning from conventional banking successes and failures, are all effective goals that will help consolidate Islamic finance. The year 2010 will also be a year that surely will test the strengths of Islamic Finance industry and I am confident that the industry will deliver and further consolidate its position." added Mr. Hijres
In January 2010 CapinnovaCapinnova acquired 50 per cent stake in Sakana Holistic Housing SolutionsSakana Holistic Housing Solutions. Bahrain based SakanaSakana was earlier a 50:50 joint venture between BBKBBK and Shamil Bank. BBKBBK took the decision to transfer the ownership of SakanaSakana to CapinnovaCapinnova to strengthen and diversify the bank's investments in the Islamic financial sector while complying with the principles of Islamic law.
CapinnovaCapinnova
aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.-Ends-
About Capinnova Investment BankCapinnova Investment Bank:
Capinnova Investment BankCapinnova Investment Bank is the Shari'a compliant investment banking arm of its institutional shareholder - A wholesale Islamic investment bank licensed by the Central Bank of Bahrain, the bank is well capitalized and is wholly owned by BBKBBK. CapinnovaCapinnova has an authorized capital of US$500 million and paid-up capital of US$151.5 million. The Bank's core areas of business include private equity, asset management and corporate finance and develops Shari'a compliant investment products and services for financial institutions, companies & establishments, high-net-worth-individuals and family businesses, regionally and globally. CapinnovaCapinnova's vision is to be a world class Islamic investment bank offering a range of high quality products and services to a diverse clientele. The Bank's mission is to become the Islamic investment bank of choice and a niche player, providing clients in the GCC and MENA region with superior investment products aimed at building and sustaining shareholder value, whilst maintaining an optimal balance between risks and returns. CapinnovaCapinnova provides a variety of products, including murabaha, ijara, mudaraba, musharaka, al Salam and istitsna'a, restricted and unrestricted investment accounts, syndications and other structures used in conventional finance, which have been appropriately modified to comply with Shari'a principles. www.capinnovabank.com.
For further information please contact;
Maroun Hannoush
Head of Corporate Communications
Floor 38, West Tower, Bahrain Financial Harbour
P.O. Box 5507, Manama, Kingdom of Bahrain
Tel. Off : +973 17101010
Direct: +973 17101006
Email : maroun.hannoush@capinnovabank.com
Website: www.capinnovabank.com
Prem A. Ramachandran
Managing Director
White Water Public Relations
GSM:0097150-4537253
GSM:0097150-7154586
email:prem@whitewaterpr.com
PO. Box 18936
Dubai, UAE
www.whitewaterpr.com
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