& 26 June 2008 Bahrain Islamic Bank (BisB) Bahrain Islamic Bank (BisB) , the leading Islamic bank in the Kingdom, acquired a significant stake in the Islamic Bank of Yemen, the first Islamic bank to be set up in Yemen. The signing ceremony was attended by the Yemeni Prime Minister Dr. Ali Majour, Yemeni Deputy Prime Minister for Economic Affairs, a number of Yemeni Government officials and senior officials of the two banks. Bringing together two well-established Islamic institutions in the banking sectors of Bahrain and Yemen, the agreement was signed by Khalid Abdulla Al Bassam, BIsb's Board Chairman and Haj Abdul Karim Abdul Rahman Al Aswadi, Board Chairman, Islamic Bank of Yemen. Commenting on this agreement, Khalid Al Bassam said the agreement was a reflection of the full confidence BIsB had in the encouraging investment environment of Yemen. He exuded confidence that the maiden entry by BIsB into the Yemeni market would fruitful for both the banks and countries as well. Haj Abdul Karim Abdul Rahman Al Aswadi, Board Chairman of Islamic Bank of Yemen said: "This cooperation with BIsB is not unusual and comes as part of integration between the two institutions. The Bahrain bank has been one of the leading financial institutions that put its full confidence in our bank since its inception. We look forward to enhancing the Yemeni-Bahraini partnership in various fields." Khalid Mohamed Al Dosari, Managing Director of the Islamic Bank of Yemen said: "As a result of this agreement, BIsB now owns a significant stake in the bank's share capital enabling BIsB to restructure the Islamic Bank of Yemen and its management according to the internationally recognised banking practices." "The two sides are working on drawing up a new business plan and strategy for the coming three years to bring about a qualitative transformation of the bank to serve the interests of both the shareholders and depositors as well as providing additional services for the Yemeni banking market." He said plans were afoot to open new branches in governorates such as Hadhramut, Apine and other provinces. "Moreover, the existing branches will be upgraded through the creation of comprehensive banking malls, which are the latest trends in global banking scenario." As part of its new policies, Islamic Bank of Yemen has signed agreements with specialised international companies for upgrading the bank's policies including the credit policy, personnel policy, liquidity management and such other policies. It will also replace the existing core banking system by introducing a more advanced modern banking system to enable it to provide the best banking services in addition to employing qualified personnel and bankers from outside the Yemeni market.

© Bahrain Tribune 2008 &