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GLOBAL:
Bahraini financial institutions Al Salam Bank Bahrain (ASBB) and BMI
Bank have jointly contracted an MoU with Meethaq, the Islamic banking
window of Oman’s Bank Muscat.
According
to a statement, the MoU was signed by Sulaiman Al Harthy, the group
general manager of Meethaq; Yousif Taqi, CEO of ASBB; and Jamal Al
Hazeem, CEO of BMI Bank, at the BMI Bank headquarters.
By
virtue of the covenant, the three banks have collectively agreed to
pool expertise, technologies and resources and work together across a
range of Islamic banking activities including Islamic syndications
(particularly those issued in Oman), treasury transactions, liquidity
management products and Islamic trade finance transactions.
Commenting
on the partnership, Sulaiman said: “Meethaq is delighted to sign the
MoU with Al Salam Bank and BMI Bank and we will work together to offer
various Islamic finance products covering treasury, trade finance and
capital market in Oman.” The Islamic banking industry in Oman is
currently witnessing a substantial growth. The partnership with ASBB
and BMI Bank is expected to provide great advantage for Meethaq,
maximizing favorable opportunities in a bid to strengthen its
operations in the sultanate.
Sharing
the same sentiments, Jamal of BMI Bank said: “Our organizations share
mutual principles, values and select expertise and are therefore
pleased to sign this MoU and look forward to enhancing this partnership
in the coming years.”
BMI
Bank and ASBB have recently concluded its merger via a share swap deal.
Both banks have updated their respective current ratios to give effect
to the share swap and consequently BMI Bank's new shareholders on
record are now ASBB and ASBB Business Holding. Bank Muscat was
previously the largest shareholder in BMI Bank with a 49% stake prior
to the merger between the two Bahraini banks. It currently holds a
14.7% share of the combined entity.
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