AUB – Bahrain Announces its Conversion to an Islamic Bank

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Ahli United Bank-Bahrain has announced the completion of converting its conventional banking services to be compliant with Shariah principles. On 10 December 2023, the bank has officially received the approval from the Central Bank of Bahrain (CBB) as a licensed Islamic Bank.

The conversion is the result of Kuwait Finance House’s acquisition of AUB Group in October 2022, making KFH the second largest bank in the word in terms of assets. The conversion is also a milestone and a testament to AUB’s commitment in offering an array of comprehensive products and services that are compliant with the Shariah principles.

KFH Group Chairman, Hamad Al Marzouq said: “We are very proud of completing the conversion of AUB – Bahrain from a conventional to an Islamic bank. Bahrain`s Ahli United Bank will offer an integrated range of products and services that are compliant with the provisions and principles of Shariah, including retail and corporate services, saving and investment products, in addition to trade finance and wealth management solutions.”

Al Marzouq revealed that the conversion was completed smoothly and in record time, reflecting the bank’s belief in improving its customer’s experience. He added that Bank made sure that the conversion was being executed in an efficient manner through communicating with customers to assist them with transferring their accounts and products into Shariah-compliant alternatives.