TEHRAN Arab Banking Corporation (B.S.C.) (ABC) has announced that it had obtained approvals from the concerned Bahrain authorities to establish ABC Islamic Bank (E.C.), a specialized Islamic bank wholly owned by ABC, a press release by B.S.C. said here. In a statement marking this occasion, ABC President and Chief Executive, Ghazi Abdul-Jawad said that the foundation of the new Islamic bank with paid-in capital of $42.5 million marks the development of Islamic banking practices began in ABC since 1987 with the the creation of the Islamic Banking Division. Since then the division had maintained promotion of a wide range of activities and products to meet the growing needs of its customers who are keen to conduct their transaction in conformity with the principles of Islamic Sharia. The new ABC Islamic Bank (E.C.) with Adnan A. Yousif heading the board of directors will continue to develop the innovative activities started by the Islamic Banking Division, said Abdul-Jawad. He added that ABC has taken a wide step towards laying a solid foundation that would enable it to provide excellent Islamic banking services in line with its strategy which is based on providing integrated services and on its conviction in the ability of Islamic banking's products and instruments to cope with the ever increasing demands of customers and Islamic banks in the region and internationally.

ABC was keen to provide all necessary requirements to make the establishment and operations of the new bank a success. To this end, the Sharia Committee membership was extended to include a number of reputable Islamic scholars to endorse all operations carried out by the bank and ascertain conformity with the principles of Islamic Sharia. The scholars are Dr. Wahba Al Zuhaili, Dr. Abdul Sattar Abu Ghuda, justice Mohammed Taqi Uthmani, Dr. Abdol Latif Al Mahmood and Dr. Mohammed Abdul Ghafat Al Sharif. An independent board of directors was also formed to run the activities of the bank.

Abdul-Jawad ascertained ABC's commitment to provide full support for ABC Islamic bank through its solid financial base and a wide-ranging international network of branches and representative offices. He concluded by expressing profound confidence that the bank will gain the trust and confidence of all financial institutions and corporate customers. Arab Banking Corporation and the ABC Group are represented in most of the world's financial centers.

ABC has branches covering Grand Cayman, London, Milan, New York, Singapore and Tunisia, and representative offices in Abu Dhabi, Cairo, Casablanca, Hong Kong, Houston, Los Angeles, Rome, Tehran and Tripoli. The principal operating subsidiaries of the ABC Group are Banco Atlantico S.A. in Spain, ABC International Bank Plo in the United Kingdom; International Bank of Asia Limited in Hong Kong, Arab Banking Corporation-Daus and Co. GmbH in Germany; ABC Banque International de Monaco S.A.M. in Monaco; Arab Banking Corporation (Jordan) in Jordan; and Banco ABC-Brasil S.A. in Brazil.