MANAMA, 9 March 2008 — Global Banking Corporation, a Bahrain-based Islamic investment bank incorporated in June 2007, announced half yearly strong financial gains with total income rising to $49.2 million and net profit to $35.9 million.
The bank, which released its preliminary financial statement for the period ended on Dec. 31, 2007, said the institution would continue to achieve its objectives while pursuing the challenging vision to become a leading investment bank in the GCC with global reach.
GBCORP’s strategy is aimed at capturing a significant share of the $500 billion global Islamic banking market and leveraging on its regional experience and expertise to establish a strong presence at the global level, develop strategic investment bridges linking the region to global markets and actively facilitating global investment opportunities through building partnerships for mutual development.
The challenge, according to statement, is characterized by the ability to merge international investment excellence with local expertise, and with an underlying commitment to provide Shariah-compliant investment banking services for high-net-worth individuals and families, corporate and governmental clients.
“GBCORP pursues a dynamic business model primarily focusing on the core investment areas covering corporate finance, real estate and infrastructure development, private equity, structured finance and venture capital, fund management, asset and wealth management and investment placement, and advisory services,” a bank report said.
GBCORP’s shareholders and board members are prominent institutions and personalities from the leading business families within the region and bring a wealth of liquidity and sectoral expertise to the organization.
A highly regarded Shariah Supervisory Board including Sheikh Nizam Yaquby, Sheikh Dr. Mohamed Elgari and Sheikh Osama Bahar advise and guide GBCORP ensuring that Shariah compliance is at the heart of every financial product and service that GBCORP offers.
Saleh Al-Ali Al-Rashed, chairman of GBCORP, said: “GBCORP is on the threshold of a new era of global Islamic banking. The challenges we face transcend traditional boundaries and at the same time offer exceptional opportunities for growth.
GBCORP’s vision to be the leading Islamic investment bank in the region, will be realized through a unique differentiation to other investment banks, distinguished primarily by its human capital, products and services, and geographic reach.”
Vice Chairman and Managing Director Abdul Rahman Mohammed Al-Jasmi said: “Since its inception in June 2007, GBCORP has focused on human capital, building a strong team to spearhead its strategic business activities in the core areas of private equity, and real estate and infrastructure development as well as wealth management and advisory services.”
