Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Ibdar arises from merger of 3 Islamic banks
Published in The Saudi Gazette on 03 - 12 - 2013

MANAMA – Following the first ever three-way Islamic banking merger, which joined together Bahrain-based Capital Management House (CMH), CAPIVEST and Elaf Bank, the new combined entity has been renamed and will operate as Ibdar Bank.
The launch of the new brand follows a period of consolidation and the integration of the assets, resources and operations of the three banks. The result has been the creation of a well diversified and financially robust institution with $300 million of paid up capital, $329 million in equity, an asset base of $360 million and significant funds for deployment.
Leveraging a 30-year combined track record and the complementary strengths of the merged entities, including financial and human resources and expertise, Ibdar will engage in private equity, capital markets and real estate through which it aims to generate diversified and recurring income streams for the bank, its shareholders and co-investors.
Geographically, the bank's focus will be on the GCC, MENA region including Turkey and Southeast Asia in addition to pursuing select opportunities in developed markets, where opportunities exist and where its experience and network of best in class local partners can be leveraged.
"We are delighted to unveil the Ibdar brand under which the bank will now transact business and engage in value creation," said Paul Mercer, Chairman of Ibdar. "The merger, which has already provided significant value to shareholders, has brought forth a more competitive institution with tremendous experience, industry talent and the foundations for leadership in Islamic banking."
He continued, "We see great potential for Ibdar and with significantly enhanced investment and underwriting capacity, the bank is well positioned to undertake substantial and high quality deals and to more effectively participate in the capital markets. With a thorough integration now behind us, we are fully focused on re-engaging with the markets and bringing high quality products, platforms and co-investment opportunities across sectors and asset classes to our clients."
The bank currently has a strong pipeline of opportunities, which it is evaluating and to which its capital, expertise and original thinking can potentially be applied to build and extract value. Areas of focus for Ibdar are strategic growth industries within its main markets of operation and those in which the bank, through its predecessors, has already built a significant track record of investment success. These include aviation, maritime, infrastructure, oil & gas, and real estate, among others.
Ibdar's strategy also calls for the rationalization of its existing portfolio across these sectors and others. At present, every effort is being made to further bolster and add value to core assets within the portfolio while also preparing for the strategic exit of non-core businesses and investments.
"We are confident of the strategy and the strength of the institution that we have created. With the support of an exceptional base of shareholders and team of professionals, we have already made great strides. This, however, is just the start and we are deeply committed to creating long term, strategic partnerships with our clients and co-investors and to delivering to them sound opportunities and returns. We soon expect to announce a number of exciting developments and look forward to keeping you apprised of our activities and the evolution of Ibdar Bank in the months ahead." — SG


Clic here to read the story from its source.