United International Bank (UIB), the Bahrain-based Shari’a compliant investment bank, has announced the election of Prince Turki Bin Talal Bin Abdulaziz Al Saud (Saudi Arabia) and Saad Mohammed Abdullah Al Saad (Kuwait) into its board of directors.

The announcement came following the bank’s annual general meeting, held recently in the Kingdom of Bahrain, where the board of directors discussed UIB’s key achievements of 2007.

The bank had generated a net income of $20.9 million during 2007 and increased its total assets to $383 million.

Welcoming the new members into the board, UIB chairman Asaad A. A. Albanwan, said these new additions to UIB’s board of directors ensure that the organization’s partners and clients continue to benefit from a wealth of regional knowledge and experience.

'During the last year UIB has branched out into new industries, reflecting global market trends and providing innovative investment solutions that are in accordance with Islamic principles,' he noted.

The other board members are Prince Khalid Bin Alwaleed Bin Talal Al Saud, Khalid Bin Nasser Bin Abdulla Alnasser, Yousef SM Almajid, Dr. Abdulla Bin Abdul Muhsin Al Turki, Mohamed Hani Abdulkader Al Bakri, Khamis Mohamed Buharoon Al Shamsi, Waleed Khalifa Al Felaij and Waleed Abdulla A. Aleisa.

UIB has an authorized share capital of $2.5 Billion and a paid up capital of $291 million. The bank commenced operations in the fourth quarter of 2006 and provides investment banking products and services in strict adherence to the principles of Shari’a.-TradeArabia News Service