GULF DAILY NEWS: MANAMA: Bahrain Islamic Bank (BIsB) saw net profit rise 84 per cent in the third quarter of the year up from $46 million for the third quarter of last year to $85m.
"This excellent performance is attributed to the balance in diversifying investment risk, proper application of the bank's financial policies and extreme care in not involving the bank's financial resources and investments in high risk transactions that could undermine the bank's financial position," said BIsB chairman Khalid Abdulla Al Bassam.
In spite of the prevailing global financial crisis due to the US mortgage credit crisis, the bank was able, through the application of the Sharia compliance standards laid down by its Sharia Supervisory Board, to properly select its banking transactions to achieve positive results, he said.
In addition, the bank enjoys a high level of liquidity that would enable it to go forward with confident steps. Bahrain Islamic Bank Profit Up 84% >>> | October 15, 2008
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