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{{Use dmy dates|date=November 2019}}
{{Use dmy dates|date=November 2019}}
{{Infobox company
{{Infobox company
|name = Bahrain Islamic Bank
| name = Bahrain Islamic Bank
|native_name =
| native_name =
|founded = 7 March 1979
| founded = 7 March 1979
|industry = [[Financial services]]
| industry = [[Financial services]]
|logo =
| logo =
|logo_size =
| logo_size =
|num_employees = 329
| num_employees = 329
|num_employees_year = 2022
| num_employees_year = 2022
|key_people =
| key_people = Chief Executive Officer: Yaser Alsharifi
|location = Al Salam Tower, Building 722, Road 1708, Block 317
| location = Al Salam Tower, Building 722, Road 1708, Block 317
|location_city = [[Manama]]
| location_city = [[Manama]]
|location_country = Bahrain
| location_country = Bahrain
|website = {{URL|http://bisb.com}}
| website = {{URL|http://bisb.com}}
}}
}}
'''Bahrain Islamic Bank''' is a [[commercial bank]] based in [[Manama]], Bahrain, founded on 7 March 1979, and started operating from the beginning of the Hijri Year 1400 (2nd of [[Muharram]]) which was the 22 November 1979.<ref>{{Cite web
'''Bahrain Islamic Bank''' is a [[commercial bank]] based in [[Manama]], Bahrain, founded on 7 March 1979, and started operating from the beginning of the Hijri Year 1400 (2nd of [[Muharram]]) which was the 22 November 1979.<ref>{{Cite web
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|title=Company Overview of Bahrain Islamic Bank B.S.C.
|title=Company Overview of Bahrain Islamic Bank B.S.C.
|accessdate=19 March 2017
|accessdate=19 March 2017
⚫
}}</ref> It is the first [[Islamic banking and finance|Islamic bank]] in the [[Kingdom of Bahrain]], works under supervision of the [[Central Bank of Bahrain]] and is listed on the [[Bahrain Stock Exchange]].<ref>{{Cite web
}}</ref>

⚫
It is the first [[Islamic banking and finance|islamic bank]] in the [[Kingdom of Bahrain]], works under supervision of the [[Central Bank of Bahrain]] and is listed on the [[Bahrain Stock Exchange]].<ref>{{Cite web
|url=http://bisb.com/en/who-we-are/history.html
|url=http://bisb.com/en/who-we-are/history.html
|title=History
|title=History
Line 36: Line 34:
}}</ref>
}}</ref>


== History ==
In January 2016, the [[Moody's Investors Service]] confirmed its [[credit rating|ratings]] and upgraded the standalone baseline credit assessment (BCA) to b3 from caa1.<ref>{{Cite web
In January 2016, the [[Moody's Investors Service]] confirmed its [[credit rating|ratings]] and upgraded the standalone baseline credit assessment (BCA) to b3 from caa1.<ref>{{Cite web
|url=https://www.moodys.com/research/Moodys-confirms-Bahrain-Islamic-Banks-Ba3-issuer-ratings-upgrades-BCA--PR_342541
|url=https://www.moodys.com/research/Moodys-confirms-Bahrain-Islamic-Banks-Ba3-issuer-ratings-upgrades-BCA--PR_342541
Line 43: Line 42:
}}</ref>
}}</ref>


In 2017, as part of a five-year [[Growth planning|growth plan]], the bank outlined strategies to boost its performance, one of which involved selling around 82 million dinars (£166 million) worth of unproductive assets, including land and shares. During the initial six months, the bank successfully sold assets worth 14 million dinars. By prioritizing its core [[Loan|lending]] business and implementing these asset sales, the bank aimed to streamline operations and foster additional growth.<ref>{{Cite web |date=2017-11-24 |title=Bahrain Islamic Bank plans £166m sale of non-core assets |url=https://www.independent.co.uk/news/business/news/bahrain-islamic-bank-ps166m-sale-noncore-assets-oil-price-national-bank-of-bahrain-a7214101.html |access-date=2023-12-24 |website=The Independent |language=en}}</ref>
in 2023, the Bank adopted [[Nutanix]] solutions as part of its [[digital transformation]] strategy, investing in a suite of solutions including Nutanix Database-as-a-Service, Nutanix Files, Nutanix Data Protection, and Nutanix AHV.<ref>{{Cite web |last=Prendergast |first=Robert |date=2023-10-16 |title=Bahrain Islamic Bank to implement Nutanix's solutions |url=https://www.retailbankerinternational.com/news/bahrain-islamic-bank-to-implement-nutanixs-solutions/ |access-date=2023-12-23 |website=Retail Banker International |language=en-US}}</ref><ref>{{Cite web |title=BisB and Nutanix join forces to boost banking in Bahrain |url=https://ibsintelligence.com/ibsi-news/bisb-and-nutanix-join-forces-to-boost-banking-in-bahrain/ |access-date=2023-12-23 |website=IBS Intelligence |language=en-US}}</ref>


In 2019, the [[National Bank of Bahrain]], which held a stake in Bahrain Islamic Bank, put forward an offer to [[Takeover|acquire]] its remaining [[Share (finance)|shares]]. The proposed agreement depended on the bank obtaining a minimum 40.94 percent stake in Bahrain Islamic Bank through either [[cash]] or a share exchange. The agreed-upon [[Valuation (finance)|valuation]] for Bahrain Islamic Bank amounted to 124 million [[Bahraini dinar|dinars]] ($329 million). The offer aligned with the trend of mergers in the [[Middle East|Middle East's]] financial sector, driven by reduced government and consumer spending due to weakened [[Price of oil|oil prices]], impacting [[profit margin]]s.<ref>{{Cite web |date=2019-11-05 |title=National Bank of Bahrain makes offer to buy Bahrain Islamic Bank |url=https://www.arabnews.com/node/1579391/business-economy |access-date=2023-12-24 |website=Arab News |language=en}}</ref>
In November, the bank signed a cooperation agreement with telecom services group [[Stc Bahrain|STC Bahrain]], aiming to implement a set of initiatives for [[small and medium-sized enterprises]].<ref>{{Cite web |title=BisB signs co-operation agreement with STC Bahrain |url=https://www.tradearabia.com/news/IT_415333.html |access-date=2023-12-23 |website=www.tradearabia.com}}</ref> In December, the bank signed a agreement with Delmon Gate to offer real estate financing options and benefits for the Bushra housing project located in Alsayah.<ref>{{Cite web |date=2023-12-07 |title=BisB partners with Delmon Gate |url=https://www.newsofbahrain.com/business/95181.html |access-date=2023-12-23 |website=DT News |language=en-US}}</ref><ref>{{Cite web |date=2017-12-05 |title=Bahrain Business: Delmon Gate signs agreement with BisB |url=https://www.gdnonline.com/Details/1297612/Delmon-Gate-signs-agreement-with-BisB |access-date=2023-12-23 |website=www.gdnonline.com}}</ref>
== Corporate Social Responsibility ==
The bank celebrated [[Children's Day|World Children’s Day]] by participating in the Forever Green initiative. A team from the bank, along with 20 children from the Bahrain [[Down syndrome|Down Syndrome]] Society, took part in the third stage of the campaign organized by the National Initiative for Agricultural Development.<ref>{{Cite web |date=2017-12-05 |title=Bahrain News: Bahrain Islamic Bank in ‘Forever Green’ initiative |url=https://www.gdnonline.com/Details/1296300/Bahrain-Islamic-Bank-in-%E2%80%98Forever-Green%E2%80%99-initiative |access-date=2023-12-23 |website=www.gdnonline.com}}</ref>


The bank celebrated [[Woman's Day|Woman’s Day]] by hosting a range of activities, including workshops on [[Mental health|mental]] and professional health, as well as [[Cognitive development|intellectual development]].<ref>{{Cite web |date=2017-12-05 |title=Bahrain Business: BisB holds activities for female employees |url=https://www.gdnonline.com/Details/1298320/BisB-holds-activities-for-female-employees |access-date=2023-12-23 |website=www.gdnonline.com}}</ref>
In November, the bank signed a cooperation agreement with telecom services group STC Bahrain, aiming to implement a set of initiatives for [[small and medium-sized enterprises]].<ref>{{Cite web |title=BisB signs co-operation agreement with STC Bahrain |url=https://www.tradearabia.com/news/IT_415333.html |access-date=2023-12-23 |website=www.tradearabia.com}}</ref> In December, the bank signed an agreement with Delmon Gate to offer real estate financing options and benefits for the Bushra housing project located in Alsayah.<ref>{{Cite web |date=2023-12-07 |title=BisB partners with Delmon Gate |url=https://www.newsofbahrain.com/business/95181.html |access-date=2023-12-23 |website=DT News |language=en-US}}</ref><ref>{{Cite web |date=2017-12-05 |title=Bahrain Business: Delmon Gate signs agreement with BisB |url=https://www.gdnonline.com/Details/1297612/Delmon-Gate-signs-agreement-with-BisB |access-date=2023-12-23 |website=www.gdnonline.com}}</ref>


== Awards ==
== Products ==

In May 2023, the bank won the Best Digital Banking Initiative at the Mena Banking Excellence Awards for its achievements in [[digitization]]. This included the establishment of the bank's Innovation Lab which serves as a testing ground for new products. The bank has also delivered tailored digital banking solutions by releasing the Corporate Digital application for startups to open and manage their accounts online, eliminating the requirement to physically visit a branch.<ref>{{Cite web |title=BisB wins ‘Best Digital Banking Initiative’ award |url=https://www.tradearabia.com/news/IT_409860.html |access-date=2023-12-23 |website=www.tradearabia.com}}</ref>
=== Islamic Banking AI Platform ===
In 2023, the bank announced plans to create the first AI platform for [[Islamic banking and finance|Islamic Banking]] [[Sharia]] [[Fatwa]]s. The platform will incorporate Fatwas issued by the Sharia Supervisory Board, utilizing over 1,800 Fatawa and Sharia decisions.<ref>{{Cite web |date=2017-12-05 |title=Bahrain Business: BisB Fatawa to be utilised in AI platform development |url=https://www.gdnonline.com/Details/1297159/BisB-Fatawa-to-be-utilised-in-AI-platform-development |access-date=2023-12-24 |website=www.gdnonline.com}}</ref>


== See also ==
== See also ==
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== References ==
== References ==
{{Reflist}}
{{Reflist}}

== External links ==
*[http://bisb.com Homepage]


{{Bahrain All Share Index}}
{{Bahrain All Share Index}}
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[[Category:1979 establishments in Bahrain]]
[[Category:1979 establishments in Bahrain]]
[[Category:Companies based in Manama]]
[[Category:Companies based in Manama]]


{{Bahrain-company-stub}}

Latest revision as of 17:04, 30 August 2024

Bahrain Islamic Bank
IndustryFinancial services
Founded7 March 1979
HeadquartersAl Salam Tower, Building 722, Road 1708, Block 317,
Manama
,
Bahrain
Key people
Chief Executive Officer: Yaser Alsharifi
Number of employees
329 (2022)
Websitebisb.com

Bahrain Islamic Bank is a commercial bank based in Manama, Bahrain, founded on 7 March 1979, and started operating from the beginning of the Hijri Year 1400 (2nd of Muharram) which was the 22 November 1979.[1][2] It is the first Islamic bank in the Kingdom of Bahrain, works under supervision of the Central Bank of Bahrain and is listed on the Bahrain Stock Exchange.[3]

History

[edit]

In January 2016, the Moody's Investors Service confirmed its ratings and upgraded the standalone baseline credit assessment (BCA) to b3 from caa1.[4]

In 2017, as part of a five-year growth plan, the bank outlined strategies to boost its performance, one of which involved selling around 82 million dinars (£166 million) worth of unproductive assets, including land and shares. During the initial six months, the bank successfully sold assets worth 14 million dinars. By prioritizing its core lending business and implementing these asset sales, the bank aimed to streamline operations and foster additional growth.[5]

In 2019, the National Bank of Bahrain, which held a stake in Bahrain Islamic Bank, put forward an offer to acquire its remaining shares. The proposed agreement depended on the bank obtaining a minimum 40.94 percent stake in Bahrain Islamic Bank through either cash or a share exchange. The agreed-upon valuation for Bahrain Islamic Bank amounted to 124 million dinars ($329 million). The offer aligned with the trend of mergers in the Middle East's financial sector, driven by reduced government and consumer spending due to weakened oil prices, impacting profit margins.[6]

In November, the bank signed a cooperation agreement with telecom services group STC Bahrain, aiming to implement a set of initiatives for small and medium-sized enterprises.[7] In December, the bank signed an agreement with Delmon Gate to offer real estate financing options and benefits for the Bushra housing project located in Alsayah.[8][9]

Products

[edit]

Islamic Banking AI Platform

[edit]

In 2023, the bank announced plans to create the first AI platform for Islamic Banking Sharia Fatwas. The platform will incorporate Fatwas issued by the Sharia Supervisory Board, utilizing over 1,800 Fatawa and Sharia decisions.[10]

See also

[edit]

References

[edit]
  1. ^ "بنك البحرين الإسلامي: خطة طموحة لزيادة النمو اعتماداً على الخبرة العميقة في علوم وفنون الصيرفة الإسلامية". 19 November 2004. Retrieved 27 September 2021.
  2. ^ "Company Overview of Bahrain Islamic Bank B.S.C." Retrieved 19 March 2017.
  3. ^ "History". Archived from the original on 1 March 2017. Retrieved 19 March 2017.
  4. ^ "Moody's confirms Bahrain Islamic Bank's Ba3 issuer ratings; upgrades BCA to b3 from caa1 and assigns positive outlook". 26 January 2016. Retrieved 19 March 2017.
  5. ^ "Bahrain Islamic Bank plans £166m sale of non-core assets". The Independent. 24 November 2017. Retrieved 24 December 2023.
  6. ^ "National Bank of Bahrain makes offer to buy Bahrain Islamic Bank". Arab News. 5 November 2019. Retrieved 24 December 2023.
  7. ^ "BisB signs co-operation agreement with STC Bahrain". www.tradearabia.com. Retrieved 23 December 2023.
  8. ^ "BisB partners with Delmon Gate". DT News. 7 December 2023. Retrieved 23 December 2023.
  9. ^ "Bahrain Business: Delmon Gate signs agreement with BisB". www.gdnonline.com. 5 December 2017. Retrieved 23 December 2023.
  10. ^ "Bahrain Business: BisB Fatawa to be utilised in AI platform development". www.gdnonline.com. 5 December 2017. Retrieved 24 December 2023.
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