Investment Dar launches Bahrain bank

Kuwaiti Islamic investment firm Investment Dar on Thursday formally established an Islamic bank in Bahrain following approval from the Kingdom’s central bank.

The new lender, called Investment Dar Bank, will have an authorised capital of $1 billion, and subscribed and paid-up capital of $200 million

At the establishment assembly meeting, the board elected Abdullatif Janahi to be chairman of Investment Dar Bank and Hussein Al-Khaja, a Bahraini national, as its chief executive.

Adnan Abdul Qader Al Musallam, chairman of Investment Dar, was appointed vice-chairman of the new lender.

Janahi said the bank would focus on offering investment services, but that any investment must achieve deeper economic goals and not just follow the speculation and competition of the market.

“When investing, the bank must also consider how its investment will make a contribution to solving social issues such as unemployment and generating greater national incomes,” he said.

“This will only be possible with evolutionary thinking, and this what the bank will pursue.”

Janahi stressed the need to strive to encourage capital investment in various sectors, with particular attention to the service industry and co-operation with the public sector to diversify national income sources and enhance the role of the private sector in promoting development.

Janahi said Investment Dar expected Islamic banks to grow at a rate of between 10 to 15% in the coming years, and said that by 2015 Islamic bank assets could reach $4.8 trillion.

Al Musallam said the foundation of the new bank was part of Investment Dar’s plans to expand in the Gulf.

“The foundation of Investment Dar Bank in the Kingdom of Bahrain comes as a result of our expansion strategy to grow geographically worldwide and particularly in the Arab world,” Al Musallam said in a statement.

Investment Dar already owns more than 40% of Bahrain Islamic Bank, and 12.5% of Sham Bank in Syria.

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