Latest news with #BankABCIslamic
Trade Arabia
27-05-2025
- Business
- Trade Arabia
Bank ABC Islamic named ‘Best Sukuk House in Bahrain'
Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on May 20 in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The bank has provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said: 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented: ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth $12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base. – TradeArabia News Service
Al Bawaba
27-05-2025
- Business
- Al Bawaba
Bank ABC Islamic Named ‘Best Sukuk House in Bahrain' at Euromoney Islamic Finance Awards 2025
Bank ABC Islamic has been recognised as the 'Best Sukuk House in Bahrain' at the Euromoney Islamic Awards 2025. This award highlights the Bank's excellence in Islamic finance and its commitment to offering Sharia-compliant banking solutions across the MENA region and globally. The prestigious award was presented on 20 May, 2025, in Dubai, at a ceremony attended by industry experts and peers. By offering superior Sharia-compliant financial products and services, Bank ABC Islamic has significantly expanded its market share across the MENA region and served clients across its network markets. The Bank has successfully provided inclusive Islamic financial solutions tailored to regional needs, further strengthening its foothold in the MENA region. The Islamic Bank's alignment with sustainability principles further underscores its commitment to generating positive social and environmental outcomes alongside financial returns. Commenting on this achievement, Hammad Hassan, Managing Director, Bank ABC Islamic & Group Head of Islamic Banking at Bank ABC, said, 'It is a great honour to be named 'Best Sukuk House in Bahrain' at the Euromoney Islamic Finance Awards 2025. This award reflects our commitment to advancing Islamic finance in the region and globally, and our efforts dedicated towards delivering genuine Sharia-compliant financial solutions aligned with Bank ABC's overarching sustainability goals. I thank Euromoney for recognising our growth and innovation in our Islamic Banking offering, as well as the team behind Bank ABC Islamic and our product partners across Bank ABC Group for their focused efforts and perseverance." Bank ABC Islamic has been instrumental in facilitating high-profile Sukuk transactions, including multi-million-dollar issuances that underscore its expertise and thorough understanding of client needs. The Bank recently played a key role as joint lead manager in a landmark sustainable Sukuk issuance and served as co-lead manager in a major green Sukuk offering by a prominent Gulf conglomerate. Over the last few years, the Bank has played a pivotal role in enabling large corporate Issuers from the US and Europe tap Islamic liquidity from the region for the first time, and these mandates have received largescale industry recognition. This was achieved through the close collaboration of Bank ABC Islamic's structuring team and Bank ABC Group's Debt Capital Markets platform, with its strong product and distribution capabilities, which come together very successfully. alburaq, Bank ABC Islamic's fully digital Islamic banking window, has also seen great success. Designed to deliver seamless Sharia-compliant digital banking services, alburaq has reinforced Bank ABC Islamic's position as a frontrunner in state-of-the-art Islamic finance. Ben Naylor, Global Head of Research, Euromoney, commented, ''Bank ABC Islamic led Bahrain's Sukuk market, closing 16 mandates worth US$12 billion. Highlights include landmark deals for AerCap, Turkey, and Dubai Islamic Bank. Its Islamic structuring expertise, and ESG-focused issuances cemented its position as a top Sukuk arranger.' Bank ABC Islamic's focus on digital innovation, product development, and sustainable Islamic finance continue to set new standards in the industry. With this solid foundation, Bank ABC Islamic is ready to further develop the Islamic sustainable finance market globally, offering Shari'a-compliant banking products and services to a broader investor base.
Al Bawaba
14-05-2025
- Business
- Al Bawaba
bank ABC islamic reports strong q1 2025 net profit of $ 14.4 million
Bank ABC Islamic - today announced a robust financial result for the first quarter of 2025, reporting a net profit of US$ 14.4 million, a 33.7% increase compared to US$ 10.8 million for the same period last year. This growth was achieved at the back of stable core business, effective cost management, and steady cost of credit. Total assets reached US$ 3.0 billion, reflecting a healthy balance sheet position. Key Performance HighlightsNet profit of US$14.4 million, 33.7% higher than same period last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at US$44.4 million, 2.9% higher than the same period last year, while net income attributable to quasi-equity increased by 11.7%. Operating expenses were US$2.8 million, 58.2% lower compared to US$6.7 million for last year. Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic said, 'We have had a solid start to 2025. Our core income held steady year-on-year basis, while tighter cost discipline and lower credit charges translated into impressive bottom-line growth. Activity in capital markets was particularly strong, with the Bank leading several high-profile Sukuk mandates.' Bank ABC Islamic' s strong performance and client-centric innovation have earned it notable recognition. The Bank was named Best Islamic Corporate Bank in Bahrain 2024 and Best Islamic Digital Offering by an Islamic Bank in 2024 by Islamic Finance News (IFN). Additionally, several of the Bank's landmark transactions were recognised for their innovation and impact, including AerCap Holdings' US$500 million sukuk, which was awarded both the Most Innovative Deal of the Year and Sukuk Deal of the Year. The Bank also led the Bahrain Deal of the Year 2024 for Bahrain Steel US$450 million ESG financing facility, and structured Oman Telecommunications Company US$500 million Sukuk, which received both the Ijarah Deal of the Year and Oman Deal of the Year accolades. 'These awards are a testament to the strength of our product offering, structuring experties and client engagement across our core markets' added Mr. Hassan, 'Despite an uncertain regional and global macroeconomic backdrop, we remain cautiously optimistic of the business environment for rest of the year.' A more detailed summary of the Financial Results is explained below:Business Performance (three-month period):Net profit for the first quarter was US$14.4 million compared to US$10.8 million reported in the first quarter of last for credit losses for the period were a write back of US$2.3 million compared to a charge of US$1.6 million reported during the same period last year. Operating expenses were US$2.8 million, compared to US$6.7 million for the same period of last year. Adjusting for exceptional charge of US$4.0 million last year, expenses were 4.1% higher compared to quarter one 2024. Balance Sheet:ABC Islamic Bank's total assets stood at US$3.042 billion as of March 31, 2025, compared to US$2.865 billion at 2024 were at US$1.2 billion, compared to US$1.3 billion at 2024 receivables, Ijarah and Musharaka financing were at US$1,765 million, compared to US$1,550 million at 2024 equity on March 31, 2025, stood at US$372 million, compared to US$364 million at 2024 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 39.7%, predominantly Tier 1, which totalled 38.9%. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Saraha News
12-02-2025
- Business
- Saraha News
Bank ABC Islamic announces 2024 year-end net profit of US$52.3 million
Manama, Bahrain: Bank ABC Islamic – today announces its results for the year ending 31, December 2024: The Bank achieved 13% growth year-on-year with net profit of US$52.3 million compared to US$46.3 million for the last year. The increase in profitability was driven by core business growth and higher average asset volumes. The balance sheet remained healthy, maintaining strong capital ratio. Bank ABC Islamic, has won the title of 'Best Islamic Financial Institution in Bahrain' at Global Finance's World's Best Islamic Financial Institution Awards 2024. This prestigious recognition attests to Bank ABC Islamic's robust financial performance, commitment to continuous digital transformation, and strategic expansion while consistently offering customers tailored Islamic Finance solutions Other awards received by Bank ABC Islamic in 2024 include, Best Islamic Finance Bank in Bahrain by IFN Banks Poll Bahrain's Most Transformed Islamic Bank by Euromoney Islamic Finance Awards Islamic Finance Deal of the Year – North America for Bank ABC's role as JLM & Bookrunner in US$ 600 million corporate Sukuk transaction for Air Lease Corp. – Euromoney Islamic Finance Awards Key Performance Highlights Net profit of US$52.3 million, 13% higher than last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at US$178.7 million, 20.0% higher than last year, while net income attributable to quasi-equity increased by 23.8%. Operating expenses of US$13.8 million, 26.7% higher compared to US$10.9 million for last year. The bank's capital base remains very strong with a capital adequacy ratio of 45.9%. Commenting on the results, Mr. Hammad Hassan, Managing Director of Bank ABC Islamic said, 'We are extremely pleased to announce a solid performance for 2024, with a net profit of $52.3 million. This 13% year-on-year increase in net profitability, despite challenging market and economic environment, is reflective of the Bank's commitment to sustained growth and resilience. We have continued to strengthen our core business lines while making targeted investments in digital transformation to better serve our customers and adapt to their changing needs. This has been recognized by the market and the Bank has received several awards during the year, notably Best Islamic Financial Institution in Bahrain by the prestigious Global Finance, second consecutive year in a row. This could not have been possible without the tireless efforts of a dedicated team, the support of its shareholder, Bank ABC and with the guidance from the Board of Bank ABC Islamic. I am thankful to the hardworking team of Bank ABC Islamic, as well as to the Board and the shareholders. On behalf of the Board of Bank ABC Islamic Bank, I would like to take this opportunity to thank the Shariah Supervisory Board of the Bank and Central Bank of Bahrain for their continued guidance and support. We look forward to starting the new year with renewed energy and vigour and with cautious optimism of an even better performance in 2025.' Business Performance (three-months period): Net profit for the fourth quarter was US$14.4 million compared to US$11.2 million reported in the fourth quarter of last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity for the fourth quarter stood at US$47.4 million, 23.4% higher than fourth quarter of last year, while net income attributable to quasi-equity increased by 34% compared to the same period of last year. Operating expenses were US$2.6 million, compared to US$2.5 million for the same period of last year. Business Performance (Full Year): Net profit of US$52.3 million, 13% higher than last year. Total Operating income after profit on murabaha and other payables and before attribution to quasi-equity stood at US$178.7 million, 20.0% higher than last year, while net income attributable to quasi-equity increased by 23.8%. Allowances for credit losses for the year were a charge of US$1.4 million compared to US$1.8 million reported last year. Operating expenses of US$13.8 million, 26.7% higher compared to US$10.9 million for last year. Adjusting for the extraordinary one-off charge, expenses were 5.6% higher than last year. Balance Sheet: ABC Islamic Bank's total assets stood at US$2.865 billion as of December 31, 2024, compared to US$2.501 billion at 2023 year-end. Investments were at US$1.3 billion, compared to US$809 million at 2023 year-end. Murabaha receivables, Ijarah and Musharaka investment were at US$1,550 million, compared to US$1,566 million at 2023 year-end. Shareholders' equity on December 31, 2024, stood at US$364 million, compared to US$328 million at 2023 year-end. The bank's capital base remains very strong with a capital adequacy ratio of 45.9%, predominantly Tier 1, which totalled 44.8%.
