First Energy Bank (FEB) the world’s first investment bank focused exclusively on the energy sector, held its maiden shareholder meeting at the Banyan Tree Resort & Spa in Bahrain.

Shareholders from Bahrain, Saudi Arabia, Kuwait, Libya and the UAE attended the event.

FEB chairman Esam Janahi reported that the Central Bank of Bahrain has awarded it a wholesale banking license (Islamic Principles).  Janahi also welcomed the shareholders and presented the constitutional committee’s report of FEB’s business activities.

“The huge and growing capital needs of the energy sector are best met by a bank that understands the industry as well as the world’s producing regions.  FEB will be the first of its kind globally to offer both specific value-added advice and intelligent finance targeted to the energy sector.  We look forward to serving the needs of a booming energy sector in the MENA region and in Asia and indeed across the world,” said Janahi.

“There is obviously momentum behind this kind of bank,, added Janahi. “The over subscription to the capital raising was impressive.  We ended up capping it at $1 billion from the initial $750 million, despite the fact it was several times oversubscribed.”

The meeting’s six agenda items included the appointment of FEB’s Sharia supervisory board, external auditors KPMG and the initial board of directors. 

The meeting also approved additional business related to the registration of FEB.

The newly appointed members of the Sharia advisory board are Shaikh Nidham Mohammed Saleh Yaquby and Dr Mohammad Akram Laldin.

As the bank moves toward full operation, the board of directors will expand to 13 distinguished representatives from Bahrain, Saudi Arabia, the UAE and Libya.

The 13 board members will be distributed to the three newly created board-appointed committees; the executive and investment committee, the audit and risk management committee and the remuneration, momination and governance committee. 

“Having a board of this caliber, credibility and diversity will be tremendously helpful in sourcing and structuring deals throughout MENA,” said Janahi.

Board members will include highly qualified individuals from different countries of the Middle East.

Board members from the UAE will include Hamad Rashed Nehail Al Neaimi, representing Shaikh Dihab bin Zayad; Ahmed Saif Al Darmaki, representing Abu Dhabi Water and Electricity Authority; Khalid Jassim Mohd. bin Kalban, representing Dubai Investments; Khadim Al Qubaisi, representing Tasmeem; and Abdulla Showaiter of Emirates Islamic Bank.

From the Kingdom of Saudi Arabia, the board members will include Sadoun Bargash Hamoud Al Sadoun, representing Shaikh Mohammed Hussain Al Amoudi, and Adel Al Jaber, representing Al Jabr Trading Co.

Mustafa Zarti will represent the primary North African Investor, the Libyan Investment Authority.

The Kingdom of Bahrain board members will be Esam Yousif Janahi, Khalid Najeebi, representing Capital Management House/Bahrain Islamic Bank, Mehran Jamsheer, representing Gulf Finance House, Hisham Al Emadi, representing Gulf Finance House and Ebrahim Hussain, representing Khaleeji Commercial Bank.

Esam Janahi on behalf of FEB thanked His Majesty King Hamad bin Isa Al Khalifa, the Prime Minister Shaikh Khalifa bin Salman Al Khalifa, the Crown Prince Shaikh Salman bin Hamad Al Khalifa and the Central Bank of Bahrain and the Ministry of Industry and Commerce from the Government of Bahrain for their steadfast support. – TradeArabia News Service