European Islamic Investment Bank (EIIB), which was set up in 2005 to provide Sharia-compliant banking products and services, announced dozens of job cuts and the closure of a representative office in Bahrain as part of a restructuring.

The company said it would cut its number of employees to 17 from 35, as part of a cost savings exercise, and take a one-time restructuring cost of 0.75 million pounds ($1.2 million).

'In a very challenging environment it is important to stay lean and focused and I believe the reorganisation will help achieve these objectives,' EIIB Chairman Shabir Randeree said in a statement.

He added that EIIB would outline a new corporate strategy by the end of the year, which was likely to focus on asset management and the company's core Gulf region.-Reuters