February 18, 2006
Shamil Bank offers Financing Facility for Ithmaar IPO
Announces Sharia compliant financing facility to eligible Bahraini individuals
Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank, today announced a Sharia compatible financing facility for eligible Bahraini individuals interested in subscribing for the Ithmaar Bank shares being offered through its Initial Public Offer (IPO).
Elaborating on the financing facility, Mr Tariq Mohammed Bahar, Head of Retail Banking, Shamil Bank, said “Through this offering, Shamil Bank will finance up to 50% of the amounts subscribed by the eligible Client, subject to a maximum amount of US$ 500,000.00.”
The Ithmaar Bank IPO, one of the largest in Bahrain, will offer 150,000,000 shares to the public, the proceeds of which will be utilized partly to recapitalize the bank’s subsidiaries and affiliate companies as well as in other investment opportunities.
To facilitate client convenience, Shamil Bank has equipped its Muharraq, Riffa, Essa Town, Main Branch (Seef) and its desk at the Exhibition Center to process all enquiries and requests pertaining to this financing facility. Additionally interested clients can also call the Shamil Bank information centre +973 17878777 for the same.
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