Competition challenge for Shamil Bank (Interview)

Bahrain's new Shamil Bank, an exempt company resulting from a June 2000 merger between flagship Faysal Islamic Bank of Bahrain (FIBB and Islamic Investment Company of the Gulf (IICG)), is unique in having full operating licenses for onshore commercial, offshore, and investment banking. The Bank, 59.56 per cent owned by Geneva-based Dar Al-Maal Al-Islami (DMI), in order to take advantage of an industry growth pattern expected to continue at least 20 years is now negotiating a merger with Bahrain Islamic Bank as well as exploring other merger opportunities, and, to enhance market penetration and technical expertise, is also on the lookout for strong relationships with local, regional, and Western banks. Though the Bank is focusing on Bahrain and the Gulf market, as client requirements dictate it will operate in Europe, the USA, and parts of Asia._x000D_ _x000D_ Shamil Bank will pioneer in the launching of three important innovative Islamic Bonds developed earlier by FIBB and the BMA in cooperation