Bahrain Grants License for Islamic Bank for Women    Arab News     27 Jun, 2006
Rashad Yousef Janahi, chief executive officer of Abu Dhabi Investment House (ADIH) said yesterday that Bahrain Monetary Agency (BMA) had granted initial license to start the first Islamic investment bank for women in Bahrain with an authorized capital of $ 1 billion and a paid up capital of $ 500 million. The bank, which will be known as Masrafy, aimed at targeting high net worth women in the region, will be located at the Bahrain Financial Harbor. “Many banks provide commercial banking services for the region’s women, but we do not have a bank dedicated to them for investment services and products. We consider Masrafy as the first bank in this field, which will be run by women banking experts with high qualifications, offering women an opportunity to take part in regional investments.” he said. Janahi further said that Masrafy has targeted to reach those women investors who tend to shy away from investments for lack of privacy thus enhancing their role in finance and business sectors. Some women investors like privacy in transactions, which is why they need their own bank run by qualified women. He also added the bank will have strong Islamic and Arabic traditions. “Bahrain has been chosen as the location for the bank because the Kingdom is the financial hub of the region thanks to the wise leadership of the Kingdom. Bahrain is also a regional center of Islamic banking,” Janahi said. He added that women in the Arab world had played a major role in the finance and business sectors in the last few years and Masrafy would give them an opportunity to participate in all investment opportunities in the region in line with their expectations. Janahi said that the studies and statistics from the region showed that women in the region have funds worth $ 38 billion and there were no credible investment avenues to maximize returns from investing these funds in a professional manner. Masrafy will be capable to bridge this gap because the bank will have the strategic advantage of expertise in launching many projects in the region. Masrafy will tie up with many international banks for asset management, banking services, etc., to serve women investors in Bahrain and the region. The bank will also tie up with institutions for risk management and to deploy corporate governance practices, according to Janahi.