| Industry | Financial services |
|---|---|
| Founded | 7 March 1979 |
| Headquarters | Al Salam Tower, Building 722, Road 1708, Block 317, , Bahrain |
Key people | Chief Executive Officer: Yaser Alsharifi |
Number of employees | 329 (2022) |
| Website | bisb |
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]
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]
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]
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
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The dinar is the currency of Bahrain. It is divided into 1000 fils. The Bahraini dinar is abbreviated د.ب (Arabic) or BD (Latin). It is usually represented with three decimal places denoting the fils.
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A Sharia Board certifies Islamic financial products as being Sharia-compliant. Because compliance with Sharia law is the underlying reason for the existence of Islamic finance, Islamic banks should establish a Sharia Supervisory Board (SSB) to advise them on whether their products comply, and to ensure that their operations and activities comply with Sharia principles. There are also national Sharia boards in many Muslim majority countries that regulate Islamic financial institutions nationwide.
Al Baraka Group B.S.C. (c) is licensed as an Investment Business Firm – Category 1 by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a.
Adnan Abdullah al-Qattan is the official imam and preacher of Al Fateh Grand Mosque in Bahrain and the head of the Bahraini delegation for the Hajj, taking care of the pilgrims and answering their needs.
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Mustafa Raza Khan Qadri (1892–1981), was an Indian Sunni Muslim scholar and author, and leader of the Sunni Barelvi movement following the death of its founder, his father Ahmed Raza Khan. He was known as Mufti-Azam-i-Hind to his followers. He is widely known as Mufti-e-Azam-e-Hind. On his death date his follower celebrate Urs name as Urs-e-Noori on every 14th Muharram of Islamic Year.
Akhtar Raza Khan, also known as Tajush Shari'ah, and Azhari Miyan, was an Indian Islamic scholar. A mufti of the Barelvis, he was the great-grandson of Ahmed Raza Khan Barelvi who was considered to be a Mujaddid by his followers and was the eponymous founder of the Barelvi movement.
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Deobandi fiqh is a school of Islamic jurisprudence that is based on the Hanafi school of Islamic law. It is associated with the Deobandi movement, which originated in India in the late 19th century and has since spread to other parts of the world, particularly in South Asia. Deobandi fiqh emphasizes a strict adherence to the Quran and the Sunnah, and seeks to ensure that all aspects of daily life are guided by Islamic law. It places a strong emphasis on the principles of fiqh, or Islamic jurisprudence, and is known for its strict interpretation of Islamic law. It also emphasizes the importance of Islamic ethics and morality, and emphasizes the need for Muslims to lead a pious and virtuous life. Deobandi fiqh has had a significant influence on Islamic education and scholarship, particularly in South Asia and among the global South Asian diaspora. It plays a foundational role in the judiciary of Afghanistan. It has also been associated with various Islamic political movements and has been a subject of controversy and debate within the Muslim community.
