IslamicFinance.de

Bahrain's Ibdar Bank was launched as a brand on Monday following the merger of Capivest, Elaf Bank and Capital Management House, after more than a year of negotiations between the Bahraini lenders and authorities. Ibdar hopes to leverage the combined expertise of its predecessor banks and a larger balance sheet to win business. The Islamic lender now has $300 million of paid up capital, $329 million in equity and assets of $360 million, which it hopes can help it win deals in its focus areas of capital markets, private equity and real estate. Ibdar is not leveraged and will retain Elaf Bank's licence in Malaysia to support a geographical scope that includes the Middle East, North Africa and Turkey.

The three Bahraini Islamic investment Banks Capivest, Elaf Bank and Capital Management House have agreed to merge in order to better compete in a fragmented market. The combination will create a bank with assets of $400 million which should be able to win larger projects while benefiting from a more diverse balance sheet. Kuwait Finance House advised the lenders on the merger. The deal must still be approved by Bahrain's central bank and the Ministry of Industry and Commerce.

The three Bahraini Islamic banks Capivest, Elaf Bank and Capital Management House have completed their merging into a single entity with total assets worth over $400m and total equity of around $340m. Shareholders had given their approval to the tie-up at the end of June. Advisors on the three-way merger were Deloitte and law firms Trowers & Hamlins and Elham Ali Hassan and Associates.

The merger between three Islamic banks based in Bahrain - Elaf Bank, Capital Management House and Capivest - has been successfully closed by Kuwait Finance House-Bahrain (KFH-Bahrain). The merger will enable a strengthened financial institution with a total equity reaching approximately $340 million. The total assets in excess will be $400m spanning the Middle East and North Africa (Mena), Europe and Asia. KFH-Bahrain played the role of transaction and lead adviser. The discussions and procedures started in late 2011 leading now to the creation of a robust merged entity which is more competitive in the field of global Islamic banking and investment industry.

The central bank of Bahrain has given its confirmation to the merge of Capivest, Elaf Bank and Capital Management House (CMH). The three Islamic lenders will merge into a $400m asset base and $350m shareholder equity entity will get underway before the end of 2012. Ratification of the decision of the three banks by the apex lender and the industry and commerce ministry is expected in June.

More on: http://www.ameinfo.com/bahraini-islamic-banks-merger-2012-end-313053

It appears that Elaf Bank has accessed sharia-compliant bond mandates worth at least $1.5 billion from three Malaysian firms. The sukuk is being planned for the first quarter of 2012.

Elaf Bank has been given a license by the Ministry of Finance Malaysia to open a branch office in Malaysia. The license was handed during a formal ceremony held at Bank Negara Malaysia.
The bank wants to start its branch office operations in Kuala Lumpur immediately, now that it has fulfilled the formalities required for obtaining the license.

Jamil El-Jaroudi, chief executive of Bahrain-based Elaf Bank, has unveiled plans to arrange Islamic bonds in South East Asia.
The Islamic investment bank won a mandate to act as financial advisor on sukuk issues in Malaysia and Indonesia.

Elaf Bank, a closely held Islamic investment bank in Bahrain, has applied for a banking license in Malaysia.
The Southeast Asian nation plans to issue two more Islamic bank licenses, including one of a new lender that will be jointly established by institutions from Asia and the Middle East.
Bank Negara Malaysia already issued conventional licenses to five foreign banks in June, including National Bank of Abu Dhabi and Indonesia’s PT Bank Mandiri.
The bank would use Malaysia as regional hub, covering Singapore, Indonesia and Australia.
It would try to use this as an opportunity to converge differing interpretations of Islamic finance between Malaysia and the Middle East by getting Shariah boards to work closely.