ABC Islamic Bank (E.C)
TypePrivate
IndustryBanking
Founded1998
HeadquartersABC Tower, Bahrain
Key people
Amr ElNokaly (Chairman)
ProductsIslamic Commercial Banking Services
Islamic Treasury Services
Islamic Investment and Asset Management Services
Islamic Investment Banking and Other Specialist Products
WebsiteOfficial website

ABC Islamic Bank is a Joint Stock Company that provides investment banking services and asset management services in accordance with Islamic principles. It is a wholly owned subsidiary of Arab Banking Corporation. Its subsidiaries include ABC Clearing Company and ABC Islamic Fund.

Its formerly known as ABC Investment and Services Company until March 1998, established on 1987.[1]

History

In 2013, ABC Islamic Bank acted as a mandated lead arranger when Al Baraka Turk, the Turkish subsidiary of Bahrain-based Al Baraka Bank, announced the initiation of a $250 million syndicated loan. This sharia-compliant facility is structured in two parts and will be utilized for the bank's financing activities.[2]

In 2014, ABC Islamic Bank served as a lead arranger when Kuwait Finance House announced the successful securing of a syndicated Islamic loan worth $350 million by its Turkish subsidiary, Kuveyt Turk. This loan represented the largest of its kind in Kuwait at the time. The loan was structured as a dual-currency transaction with two tranches, and it utilized the common cost-plus sale arrangement known as murabaha in Islamic finance.[3]

In 2019, ABC Islamic Bank participated in a refinancing facility worth $1.3 billion for the Al Dur Power & Water Company based in Bahrain. The facility was provided by a syndicate of 20 banks and comprised $450 million of conventional facilities and $850 million of Islamic facilities. Al Dur holds a significant position in Bahrain's power and water production, contributing to one-third of the country's total output. With a combined capacity of 1,234 MW of power and 48 MIGD of water, it plays a crucial role in meeting the nation's demand.[4]

In 2022, Bahrain’s nine banks offering Islamic banking services recorded a 3.5% rise in sharia-compliant assets for 2020, with just , ABC Islamic Bank and Al Salam Bank, recording a growth of more than 10% for the year.[5]

In 2022, ABC Islamic Bank sponsored the 11th Edition of the Annual Sukuk Report by The International Islamic Financial Market. This research report offered a overview of global Sukuk issuances, including details on issuers, Sukuk structures, case studies on notable issuances, articles on Sukuk market developments and prospects, and country-focused reports on IIFM founding member countries and major Sukuk issuing jurisdictions.[6]

See also

References

  1. ↑ "عن بنا | وكالة أنباء البحرين". www.bna.bh. Retrieved 18 July 2022.
  2. ↑ "AlBaraka Turk launches $250m financing". www.tradearabia.com. Retrieved 15 December 2023.
  3. ↑ Sophia, Mary (31 December 2014). "Turkey Unit Of Kuwait Finance House Secures $350m Islamic Loan". Retrieved 15 December 2023.
  4. ↑ Staff Writer; TradeArabia. "Bahrain utility group Al Dur closes $1.3bln refinancing deal". www.zawya.com. Retrieved 15 December 2023.
  5. ↑ "The Banker's Top Islamic GCC Banks ranking 2022". www.thebanker.com. Retrieved 15 December 2023.
  6. ↑ Release, Press. "US$ 188bln worth of Sukuk issued in 2021". www.zawya.com. Retrieved 15 December 2023.
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