GULF NEWS: Manama: The Bahrain All Share Index on Wednesday closed down 1.05 per cent as more financial institutions posted third-quarter profits and the prime minister highlighted the need to ensure the robustness of the financial system.
Bahrain Islamic Bank (BIsB) reported $85 million net profit at the end of the third quarter, an increase of 84 per cent over the $46 million during the same period of last year.
"Despite the prevailing global financial crisis due to the mortgage credit crisis in the US, the bank was able, through the application of the Sharia-compliance standards laid down by the Sharia Supervisory Board, to properly select its banking transactions to achieve positive results. In addition, the bank enjoys a high level of liquidity that would enable it to go forward with confident steps," chairman Khalid Abdullah Al Bassam said. Bahraini Shares Down 1% as Banks Post Profits >>> By Habib Toumi, Bahrain Bureau Chief | October 15, 2008
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