To date, FIBB has arranged 23 assorted Morabaha syndications totalling $2.
Bahrain-based bankers such Nabil Nassief of FIBB and Iqbal Khan, CEO of Islamic Investment Company of the Gulf (IICG), another DMI subsidiary, acknowledge that competition is the new driving force of Islamic banking especially in the Gulf countries.
The changes at FIBB especially the gradual divestment of DMI in the entity is also another good sign for the future.
According to results approved in March, FIBB registered an 11% increase in net profits from $9m in 1991 to $10m last year.
FIBB recently appointed Qasim Mohammed Qasim as executive vice-president in a bid to increase its management profile.
Other priorities for FIBB will be to consolidate its Islamic morabaha syndications, leasing and other Islamic investment business.