BizBahrain_December_2016

Highlights | Banking & Finance
IBDAR Bank launches
Finance Fund
Ahmed Al-Rayes
Acting Chief Executive Officer of Ibdar Bank
Bahrain-based wholesale Islamic
Investment bank, Ibdar Bank,
launched the Barak Ibdar Shari’ah Trade
Finance Fund, a parallel fund of the
highly successful Barak Trade Finance
Fund.
Commenting on the announcement,
AUB named "Best Private
Bank in Bahrain 2016"
Ahli United Bank has been named
"Best Private Bank in Bahrain” at
the prestigious Global Private Banking
Awards 2016 ceremony held in London,
mid November. The award is jointly
announced by The Banker and PWM
(Professional Wealth Management)
magazines, the industry’s leading
publications of the Financial Times
Group.
In recognition of its excellent
services in the private banking and
wealth management sector, AUB
has received the award for the third
consecutive year amidst the numerous
local and international banks operating
in the Kingdom.
The winners were selected by an
international panel of experts based
Mr. Ahmed Al-Rayes, Acting Chief
Executive Officer of Ibdar Bank said: “The
Bank is pleased to partner with Barak
Fund Management, a highly experienced
and award winning specialized Trade
Finance Manager in our role as the
exclusive placement agent for the Barak
Ibdar Shari’ah Trade Finance Fund in
the GCC. We have launched this Fund, a
parallel Shari’ah fund of the Barak Trade
Finance Fund, which since its inception
in 2009 has had a straight 7-year
positive record with 168% total return
and an average of 13% return to investors
per year, in response to our clients
request for a liquid investment product
with high returns.”
The open-ended monthly
subscription USD fund with quarterly
redemption, will invest in African
commodities and general trade finance
transactions such as import, export
or general merchandising related
investments, is targeting a 10% return
net-of-fees for investors.
on a set of criteria that included
progress made in accordance with the
business model and growth strategies,
client relationship management, and
adaptability of product offering to meet
changing clients’ needs.
Prakash Mohan, Acting Group Head -
Private Banking & Wealth Management,
AUB said: “We are honoured to win this
distinction as Bahrain’s best private
bank for three years in a row now. The
award is a testimony to our clients’
trust in us as well as to our track record
in supporting their goals to protect,
grow and diversify their wealth and
investments, both at home and overseas.
It is with AUB’s strong cross-border
reach and expertise, that we are able
to meet our clients’ high expectations
and connect them to key markets and
opportunities worldwide”.
“Our on-the-ground teams in key
markets in the region and the UK are
better positioned to understand the
unique needs of our clients from the
region, and to cater to their requirements
for trusted advice and effective
investment, wealth management and
trust planning solutions, all delivered
with an attentive and personalized
approach”.
WIBC Leaderboard for
global Islamic banking
After a very successful introduction
of the first of its kind assessment
tool for Islamic banks in 2015, WIBC
2016 is set to continue its efforts to
enhance the performance and quality
of the Islamic banking industry in the
2nd edition of the WIBC Leaderboard.
The comprehensive performance
assessment framework will help Islamic
financial institutions assess their
ranking and performance in comparison
to their competitors. Specifically, the
WIBC Performance Indicator will form
the basis of the annually anticipated
WIBC Performance Awards that will be
announced at the WIBC Gala Dinner on
6th December 2016.
The WIBC Leaderboard is the
innovative performance assessment
that will provide rankings of the top
Islamic banks and financial institutions
based on a variety of robust financial
and governance metrics such as asset
growth, return on equity, return on
assets, disclosures, and corporate social
responsibility. The Leaderboard will
provide industry participants a visually
engaging view of Islamic banks to
compare themselves with their peers at
the global, regional and national levels
across several dimensions. In addition
to the individual metrics, banks will also
be ranked on the basis of an aggregate
score, which forms the apex of the WIBC
Leaderboard. This aggregate index
holistically ranks entities on the basis
of the aforementioned financial and
governance measures. The Leaderboard
will therefore act as a benchmark
for Islamic banks to estimate their
performance against the top performing
banks in the industry.
For more information on the event,
visit www.wibc2016.com.
62 December 2016