Bahrain Islamic Bank
{{Short description|Commercial bank based in Manama, Bahrain}}
{{Use dmy dates|date=November 2019}}
{{Infobox company
| name = Bahrain Islamic Bank
| native_name =
| founded = 7 March 1979
| industry = Financial services
| logo =
| logo_size =
| num_employees = 329
| num_employees_year = 2022
| key_people = Chief Executive Officer: Yaser Alsharifi
| location = Al Salam Tower, Building 722, Road 1708, Block 317
| location_city = Manama
| location_country = Bahrain
| 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.{{Cite web
|url=http://www.alwasatnews.com/news/423836.html
|title= بنك البحرين الإسلامي: خطة طموحة لزيادة النمو اعتماداً على الخبرة العميقة في علوم وفنون الصيرفة الإسلامية
|date=19 November 2004
|accessdate=27 September 2021
|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=10837509
|title=Company Overview of Bahrain Islamic Bank B.S.C.
|accessdate=19 March 2017
}} 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.{{Cite web
|url=http://bisb.com/en/who-we-are/history.html
|title=History
|accessdate=19 March 2017
|archive-url=https://web.archive.org/web/20170301092431/http://bisb.com/en/who-we-are/history.html
|archive-date=1 March 2017
|url-status=dead
}}
History
In January 2016, the Moody's Investors Service confirmed its ratings and upgraded the standalone baseline credit assessment (BCA) to b3 from caa1.{{Cite web
|url=https://www.moodys.com/research/Moodys-confirms-Bahrain-Islamic-Banks-Ba3-issuer-ratings-upgrades-BCA--PR_342541
|title=Moody's confirms Bahrain Islamic Bank's Ba3 issuer ratings; upgrades BCA to b3 from caa1 and assigns positive outlook
|date=26 January 2016
|accessdate=19 March 2017
}}
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.{{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}}
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.{{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}}
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.{{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}} 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.{{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}}{{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}}
Products
= Islamic Banking AI Platform =
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.{{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}}
See also
{{Portal|Banks}}
References
{{Reflist}}
{{Bahrain All Share Index}}
Category:Banks established in 1979