MANAMA, Bahrain - Bahrain Islamic Bank (BIsB) said Sunday that it had incorporated a 27.2 million-dollar real restate company in the Gulf state.
Abaad Real Estate, according to the Bahrain-based bank is a fully integrated real estate investment, development and management company operating in accordance with Islamic sharia law.
The real estate company, which is a fully-owned subsidiary of BIsB, will focus its operations on residential, commercial and industrial properties throughout the Gulf, Middle East and North African (MENA) region, alongside some other international investments.
‘In recent years, the real estate sector in the MENA region has shown accelerated growth that is likely to continue in the foreseeable future and we want to capture the opportunities presented by the real estate sector,’ said Abaad Real Estate Company Chairman Shaikh Hisham bin Abdul Rahman Al Khalifa.
He added that the company would follow a stringent investment approach in which only real estate opportunities that meet specific investment criteria within well-defined industry parameters are evaluated and then considered for investment.
The 2nd European Challenge Forum is organised in response to the increasing interest shown in Islamic financial services within and among European nations. The Forum will touch on the overview of the Islamic financial services industry as well as the different approaches towards its' implementation across the globe. On a more global perspective, the Forum will also serve as a platform to discuss the development of related global prudential regulations for the Islamic financial services industry developed by the IFSB in comparison to Basel II.
Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim, commenting on the importance of holding a Forum that caters for the European market said "It is important for the IFSB to understand the different regional markets in our efforts to facilitate the sound and stable growth of the Islamic financial services industry at global level. This Forum aims to be an interactive platform for facilitating a better understanding of the Islamic financial services industry from a European perpective."
This Forum follows the success of the inaugural Forum which was held in Luxembourg in November 2005. The 1st Forum was supported by the Centrale Banque Du Luxembourg and attended by over 150 delegates from 26 countries. This 2nd Forum is expected to attract participants from among senior supervisors, finance officers, financial analysts, compliance officers, accountants, auditors, retail and private bankers, investment advisors, lawyers and academicians.