MANAMA: Islamic banks in the Kingdom of Bahrain remained resilient with expected 15% to 20% growth towards the end of the year, a senior banker revealed on Wednesday.
“The Islamic banks in Bahrain have reported good results so far and keeping in view the sustained patterns in the first three quarters of the year there are expectation of 20% growth in 2016 compared with the previous year,” Mohamed Issa Al Mataweh Member, the Board of Directors and Chief Executive Officer at Al Baraka Islamic Bank (ABIB) on the sidelines of the opening ceremony of the bank’s new branch at Galleria Mall told The24X7News Bahrain (www.twentyfoursevennews.com).
“This is the 8th branch in the Kingdom of Bahrain as ABIB plans to open total 18 branches by the year 2019.”
Talking about the growth patterns he said that the Islamic banking industry has been doing well this year specially in the consumer finance segment remains the banks major business thrust.
“Customer needs finances to build their individual houses, and then the developers and there is also a huge appetite for investments in other sectors,” he added.
Earlier this year, Al Baraka Islamic Bank was chosen as the Best Islamic Bank in the Kingdom of Bahrain for 2015 for the third year in a row, through the annual comprehensive referendum conducted by the Foundation of Islamic Finance News.
