ABBL was incorporated in 1992 as the first Islamic bank operating in the Republic of Lebanon (Lebanon or 'the country'), and is as yet the most significant franchise within the Islamic banking sector.
Operating in a challenging economic environment ABBL has sought to diversify its financings outside Lebanon, thereby mitigating the effects of the slowdown in the Lebanese economy.
Though capitalization levels remain above the regulatory requirement, ABBL will benefit from reinforced levels of capital to support future growth and compete for a larger share in the market.
The CEO of ABBL, Jean-Jacques Rommes, told Europolitics, on 6 October, that the association adopted "a positive decision" on the necessity of asking Luxembourg's Finance Minister Luc Frieden to negotiate such Rubik' agreements on a bilateral basis - or if possible on a multilateral basis.
ABBL explains in an analysis seen by Europolitics that it expects the Commission to "try to delay the agreements' entry into force," set for 2013, on the pretext that Berlin and London have made doubtful concessions to Berne, particularly on facilitating access to their financial services market.