Knowledge, experience and expertise joined together in a 50:50 partnership between The Bank of Bahrain & Kuwait (BBK) and Shamil Bank, two of Bahrain’s leading financial institutions. In early 2010, Capinnova Investment Bank, the Sharia’a-compliant investment banking arm and fully owned subsidiary of BBK acquired 50% stake in Sakana from BBK. Further, Shamil Bank was merged with its parent Ithmaar Bank during the year 2010 and accordingly Ithmaar Bank became a 50% stakeholder.Sakana is an Islamic Financing Company regulated by the Central Bank of Bahrain with paid-up capital of BD 20 million.
The current shareholders are:
Capinnova Investment Bank is a Shari'a-compliant investment bank licensed by the Central Bank of Bahrain and is wholly owned by BBK. The Bank is well capitalized with an authorized capital of US$500 million and a paid-up capital of US$151.5 million.
The Bank's core areas of business include private equity, asset management and corporate finance. Capinnova's vision is to be a world-class Islamic investment bank offering a range of high quality Shari'a-compliant products and services to a diverse clientele including financial institutions, companies and establishments, high-net-worth individuals and family businesses, regionally and globally.
The Bank's mission is to become the Islamic investment bank of choice and a niche player, providing clients in the Gulf Cooperation Council states and the Middle East and North Africa region with superior investment products aimed at building and sustaining shareholder value, whilst maintaining an optimal balance between risks and returns.
For further information, please visit www.capinnovabank.com
Ithmaar Bank B.S.C. (stock code “ITHMR”) is a Bahrain-based licensed Islamic retail bank that is regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a subsidiary of Dar Al-Maal Al-Islami Trust (DMI), and has a paid-up capital of US$701 million, total shareholders’ equity of $644 million and is listed on the Bahrain Bourse and the Kuwait Stock Exchange.
Ithmaar Bank, formerly an investment bank, completed in April 2010 a comprehensive reorganisation with its then wholly-owned subsidiary, Shamil Bank, to emerge as a premier Islamic retail bank.
Consequently, Ithmaar Bank now provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions.
Ithmaar also maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies. These include Faysal Bank Limited (Pakistan), Faisal Private Bank (Switzerland), Sakana Holistic Housing Solutions, Ithmaar Development Company Limited, Bahrain-based BBK, First Leasing Bank, Solidarity (an Islamic insurance company), Naseej and Ithraa Capital (Saudi Arabia).
For more information on Ithmaar Bank, please visit the Bank’s website at www.ithmaarbank.com