First Investment Bank, a $200 million Sharia compliant investment bank, was launched in the Kingdom of Bahrain on Monday.

First Investment Bank, headquartered in Bahrain, offers institutional and individual investors innovative, diversified products and services with a special focus on the Middle East and North Africa region.

With an authorised capital of $200 million and a paid up capital of $120 million the bank's shareholder base consists of some of the Gulf region's most renowned financial institutions.

These include First Investment Company, Kuwait; Boubyan Bank, Kuwait; Commercial Real Estate Company, Kuwait; Gulf Investment House, Kuwait; Tabayun Investment SPC, Kingdom of Bahrain; Abdullatif AlIssa Group, Saudi Arabia; Al Mawarid Finance, Dubai; and Noor Capital, Abu Dhabi.

The bank is registered as a Bahrain Joint Stock Company (closed). The board of Directors is led by chairman, Dr Mohammad A Al-Alloush, a visionary in the Islamic banking industry.

Heading the bank's senior management team is Bahraini national and financial industry veteran, Jamal Ali Al-Hazeem.

'The GCC is the world's fastest-changing economy; the region's liquidity and oil reserves coupled with the bold move to diversify its economic base presents an attractive proposition for investors.

'Over the past five years the Islamic banking industry and financial services sector as a whole has undergone a rapid transformation and we now see some of the most dynamic and innovative transactions being launched from the Gulf region,' said Dr Mohammad A Al-Alloush, chairman, First Investment Bank.

Bahrain's Islamic finance sector, in particular, is leading the way for the rest of the world in terms of research, regulation and performance. The Kingdom has firmly established itself as a global hub for Islamic finance as a result of the forward thinking policies and focused efforts of the Central Bank of Bahrain.

The asset base of Islamic institutions in the Kingdom has increased 34.4 per cent over the past year, with Islamic banks reporting assets of up to $16.4 billion in total as of last year; these figures are indicative of the phenomenal growth the industry is currently experiencing.

'The Kingdom's business-friendly initiatives being implemented by the Government in coordination with the Economic Development Board, combined with the Central Bank's robust regulatory framework made Bahrain the natural choice for us to base our operations,' said Dr Al-Alloush.

'First Investment Bank's vision is to scale new heights in an increasingly competitive market environment. Our mandate is to not only deliver consistent, positive returns to our stakeholders but to foster long term, sustainable growth to the broader community while doing so.

'We intend to create new models in the region's investment banking industry and seek out partnerships between the private and public sector that will deliver maximum benefits to the community at large.

'As we begin to introduce innovative, high-return products to the market we hope to generate further investment opportunities and provide a boost to the Kingdom's global position as a leader in the Islamic finance industry,' added Dr Al-Alloush.

Over the past five years Sharia compliant banking has emerged as the financial system of choice for high net worth individuals in the GCC region to manage their wealth. The global Islamic banking industry now manages over $500 billion in funds, with Islamic banks in the GCC alone recording average net profit growths of 11 per cent annually.

'With Islamic banking firmly on the rise, there is an ever increasing need for skilled professionals who can shape the industry's future. First Investment Bank’s emphasis on training and development has enabled the bank to attract<