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First Islamic Investment Bank renamed

Arcapita will be the new name of First Islamic Investment Bank and its subsidiaries, the bank's officials said in Bahrain last week.

Gulf News

Arcapita will be the new name of First Islamic Investment Bank and its subsidiaries, the bank's officials said in Bahrain last week.

"Although we have a new name, we will continue to adhere to the same values and investment principles which have helped us to succeed," said Atif Abdul Malik, the bank's chief executive officer.

"The Arcapita name will allow us to deliver even better service to our investors," he said.

Uniting its businesses in the Middle East, North America and Europe is a key part of the bank's strategy to become a leading international financial institution, company officials said.

The bank will officially change its name to Arcapita Bank BSC (c) on March 15, the company officials added.

A new logo and corporate identity will be gradually introduced in the next few months.

The bank recently announced that it had earned a net income of $70.5 million (Dh258.7 million) for the year ending on December 31.

Since commencing its operations in 1998, the bank's net income has grown at a compounded annual rate of more than 45 per cent.

Today, the bank employs more than 140 people in its three offices that are based in Bahrain, Atlanta and London.

"We believe a unified brand will allow us to build on our established relationship with our shareholders, investors and business partners," said Mohammad Abdul Aziz Al Jomaih, the bank's chairman.

"It will also enhance our ability to deliver a range of innovative investment opportunities," Al Jomaih added.

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