Khaleeji Commercial Bank

KHCB reports 109.8% increase in net profits over 2014

Khaleeji Commercial Bank (KHCB), a prominent Islamic retail bank, announced its financial results for the year ended 31 December 2015 recording net profit of BD 8 million compared to BD 3.8 million reported in 2014. The bank has recorded a net profit of BD 1.9 million in the fourth quarter of 2015 compared to a net profit of BD 1 million reported in the fourth quarter of last year. Total assets also grew to BD 654 million, increased by 9.6% compared to 2014. Return on average assets reached 1.3%. With these results, the bank sustained its profitability and strengthened its financial position with a liquid assets ratio in the excess of 22.5% and capital adequacy ratio of 18.8%.

Khaleeji Commercial Bank Signs Agreement with T'azur Islamic Insurance Company

Bahrain's Khaleeji Commercial Bank 's (KHCB) has recently signed an agreement with T'azur Islamic Insurance Company, one of Bahrain's Takaful International Islamic insurance Company providers. The agreement aims to provide Comprehensive and Third Party insurance services for vehicles, property, travel and tourism including other personal insurance products at KHCB 's branch in Budaiya. The signing ceremony was held recently at the Khaleeji Commercial Bank headquarters in the presence of KHCB Chief Executive Officer, Mr. Khalil Al Meer and T'azur Chief Executive Officer, Mr. Yahya Nooruddin, along with management officials and high-level representatives from both parties.

Khaleeji Commercial Bank Launches The Most Innovative Islamic Overdraft (I'teman)

Bahrain's Khaleeji Commercial Bank (KHCB) launched a new corporate financing product, I'teman Financing, at a Press Conference that was held on Tuesday, the 12th of May 2015. I'teman Financing is a new product that is compatible with the provisions of Islamic Sharia and acts as a substitute for overdraft accounts. This product entitles the customers to cover operating expenses or financial overheads. Corporate institutions can apply for the credit line and can benefit from the availability of liquidity to do cash withdrawals, Telex Transfers and Demand Drafts, in addition to other financial transactions. The new banking product is Sharia'a compliant and targets corporate entities both inside the Kingdom of Bahrain and abroad in order to facilitate their flow of liquid funds.

Social Housing Finance Programme exhibition launched

Bahrains Housing Ministry launched the second Social Housing Finance Programme exhibition. The event is one of the ministry's efforts to inform about the programme launched in October 2013.

Bahraini bank GFH targets majority Khaleeji Commercial Bank stake - CNBC

Bahrain's Gulf Finance House (GFH) plans to up its stake in Khaleeji Commercial Bank (KCB) to gain majority ownership, its chairman Ahmed al-Mutawa said. The investment firm will increase its stake in KCB to between 52 percent and 54 percent once it has received regulatory approval from the Bahraini authorities. GFH currently owns 47 percent of KCB. Increasing its stake to the range indicated by Mutawa would cost GFH between 2.65 million dinars and 3.72 million dinars ($7.03 million-$9.87 million). KCB and unlisted Bahraini lender Bank Al Khair dropped merger plans in March after they failed to agree terms for the tie-up.

Bank launches account based on Mudharabah

Khaleeji Commercial Bank (KHCB) has launched an investment account based on the Sharia principle of Mudharabah. The Call Mudharabah Account combines a current account with the concept of profit sharing of the Mudharabah Investment Account. The Call Mudharabah Account is open to companies as well as individuals who are residents of Bahrain and the GCC for a minimum BD10,000 deposit. Linked to a current account, one can make a host of transactions such as redemptions and increments, withdrawals and debits, as well as use ATM facilities and acquire 24-hour online access on the KHCB e-banking system.

Bahrain’s Khaleeji Commercial, Bank Al Khair Drop Merger Plans

Bahrain’s Khaleeji Commercial Bank and unlisted Bank Al Khair have dropped their plan to merge after failing to agree on terms. The primary reason for this decision is due to the non-agreement on the structure and the valuation of the deal. The two lenders had been in talks since June last year. The decision to call off the merger was reportedly mutual and the two banks will continue to maintain a close business relationship. Mergers in the Gulf banking sector are rare as powerful local shareholders are often unwilling to give up controlling positions except for vastly inflated valuations.

Khaleeji Commercial Bank 'is open to Alkhair merger'

Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, has completed due diligence on a proposed merger with Bank Alkhair, a Bahrain-based Islamic wholesale bank. KHCB shareholders were told by chairman Dr Fuad Al Omar that the matter was under discussion and no decision had been taken yet. When compared with 2012 levels, the bank's total assets grew by 14.6 per cent to BD542.2 million last year with the consumer finance portfolio increasing by 66.7pc. However, the provision of an aggregate amount of BD17.7m in impairment provisions and marked to market losses resulted in net loss of BD19.2m. Dr Al Omar said the bank continued to improve its profitability with increase in revenue from core operations and control of costs. On future plans, he said KHCB would launch new products based on customer needs.

Khaleeji Commercial Bank (KHCB) appoints Mr. Khalil Al Meer as the Bank's new Chief Executive Officer

Bahrain-based Khaleeji Commercial Bank (KHCB) has announced the appointment of Mr Khalil Ismaeel Al Meer as the bank's new Chief Executive Officer. Prior to his appointment, Mr. Al Meer was General Manager of Corporate Banking division in BBK. He has over 28 years of experience in corporate banking, gained in senior roles at National Bank of Bahrain and Bank of Bahrain and Kuwait. He holds a B.Sc. in Business Administration from the University of Bahrain. He also attended the Gulf Executive Development Program at Darden Graduate School of Business in University of Virginia (USA) and the Senior International Bankers Program of the International Centre for Banking and Finance Services at Manchester Business School (UK).

Khaleeji Commercial Bank pays Zakat to needy families

Mr. Adel Al Asoumi, Chairman of Houra and Gudhaybeya Charity Fund thanked Khaleeji Commercial Bank for its contribution towards sponsoring a number of needy families in association with the Charity Fund. As part of its Zakat fund program, the Bank works closely with charity organizations in the country supporting needy families and helping out raise their standard of living. The Bank has contributed from its Zakat fund to support a number of families sponsored by Houra and Gudhaybeya Charity Fund to ensure the support goes directly to the needy families. The Charity Fund will facilitate the process of helping those selected families by providing the Bank with their names, details and identified needs.

Khaleeji Commercial Bank, Bank Al Khair form merger committee

The two entities signed an MoU on the potential merger and a steering committee of senior representatives from both parties has been formed. Subsequently, a service provider was appointed to undertake valuation of both entities. KHCB has also appointed an advisor to assist it. Valuations and preliminary due diligence is expected to be completed within two months.

Khaleeji Commercial Bank supports needy families

Mr. Yousef Al Mahmeed, Chairman of Hamad Town Charity Fund thanked Khaleeji Commercial Bank and its chairman Dr. Fuad Al Omar for its contribution towards sponsoring a number of needy families in association with the Charity Fund. Khaleeji Commercial Bank has agreed to use part of its charity fund to support a number of families sponsored by Hamad Town Charity Fund to ensure the support goes directly to the needy families. Mr. Yousef thanked the Bank for its initiative and continuous support for programs organized by Hamad Town Charity Fund and other general initiatives taken for similar projects. The Charity Fund will facilitate the process of helping those selected families by providing the Bank with their names, details and identified needs.

Bahrain's Khaleeji Commercial Bank And Bank Al Khair In Merger Talks

Khaleeji Commercial Bank and Bank Al Khair, a pair of Bahraini banks, are in talks over a potential merger. The banks have signed an agreement to explore the feasibility of a merger and are forming a steering committee to do due diligence and execute the deal. The proposed tie-up between Khaleeji, an Islamic bank founded in 2004 and listed on the Bahrain bourse, and Bank Al Khair, an Islamic investment bank, comes amid a wave of talks among Bahraini lenders. Three small Bahraini banks completed a merger in January, and Bahrain's Al Salam Bank and BMI Bank are currently pursuing a merger.

UPDATE 1-Bahrain's GFH eyes Khaleeji Commercial Bank affiliate merger

Bahrain-based Gulf Finance House (GFH) is studying options to merge its affiliate, Khaleeji Commercial Bank (KCB), with other Bahraini banks. It did not say which Bahraini banks it was considering as merger partners.

Gulf Finance House Q2 net loss of $11.23M -statement

Gulf Finance House established a net loss of $11.23 million in the second quarter due to higher finance expenses and the impact of exchange rates.
Hisham Al Rayes, chief investment officer at GFH, stated that they are expecting a larger contribution to the income from our subsidiaries and associates, particularly Khaleeji Commercial Bank and G Capital.

Islamic mortgages in Bahrain

Sakana Holistic Housing Solutions and Khaleeji Commercial Bank will work together in a Commodity Murabaha financing facility worth$10.6m (BD4m) over a four year period.The Commodity Murabaha will be operating for working capital by Sakana.

Sakana and Khaleeji Commercial Bank in Medium Term Financing Deal

Sakana Holistic Housing Solutions recently gained access into commodity murabaha financing facility with Khaleeji Commercial Bank for BHD 4 Mil (equivalent USD 10.6 Mil) over 4 years.
The attendents at the signing ceremony were: Mr. Reyadh Yousif Sater - Chairman, Sakana, Mr. R Lakshmanan - CEO, Sakana, Mr. EBRahim Hussain EBRahim - CEO and Board Member, KHCB, Mr. Jassim Awadh - AGM Corporate & Wholesale Banking, KHCB, Mr. Khalid Turki - Executive Senior Manager - Corporate & Wholesale Banking, KHCB and Mr. Khalid Bucheery - Manager Finance, Sakana.

Khaleeji Commercial Bank donates mobile treatment units to the Ministry of Health

Khaleeji Commercial Bank (KHCB) is going to donate three mobile health care units to cater to the elderly and provide them with primary health care services.
Mr. Ebrahim H. Ebrahim, CEO and Board Member of KHCB, announced that KHCB is continuously engaging and participating in social responsibility initiatives that are worthy.

GFH reports $349 million net loss for 2010

Gulf Finance House (GFH) made a progres by reducing its net loss from $728 million in 2009 to 349 million US dollars in 2010.
The banks debt profile was restructured by repaying $200 million of $300 million Murabaha financing facility in February 2010 to syndicates arranged by West LB. The bank also shortened its costs by 20%.
By presenting a plan at the Annual General Meeting from November 2010, GFH and its shareholders approved resolutions that contained 4:1 share consolidation and other capital reduction measures including raising up to $500 million through a convertible Murabaha to strengthen the Bank's capital base and fund its growth strategy, and acquiring an additional 10 percent stake in Khaleeji Commercial Bank.
This plan brought $100 million to the bank.

Gulf Finance House shareholders approve restructuring proposals

GFH shareholders approved plans to raise up to $500 million through a convertible Murabaha to strengthen capital base and fund growth strategy, a 4:1 share consolidation and other capital reduction measures, and an increase in GFH’s stake in Khaleeji Commercial Bank.
The GFH growth strategy will focus on the creation, development and management of Islamic financial institutions offering a range of financial products and services to corporate and retail clients, enabling a more stable business model of recurring revenues.

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