Press Releases - ABG lists on BSE



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ISSUE OF "ISLAMIC FINANCE REVIEW", OFFICIAL PUBLICATION OF THE CENTRAL BANK OF BAHRAIN.

ABG lists on BSE

Leading Bahrain-based Islamic financial institution, Albaraka Banking Group (ABG) made its debut on the stock markets with a listing on the Bahrain Stock Exchange (BSE) in September 2006. Following the listing, the BSE and Dubai International Financial Exchange (DIFX) joined forces to create a landmark link to facilitate trading in ABG shares on each other's markets.

The BSE-DIFX link involves a technical connection between the central securities depositories of both exchanges. It is understood to be the first connection to be created between any GCC stock exchange and an international exchange. "This link demonstrates the complementary nature of a listing on our two exchanges," said Mr. Fouad Rashid, Director, BSE. "It offers choice and flexibility to meet the needs of regional and international investors in ABG and facilitates trading six days a week."

ABG, the largest institution to be listed on the BSE, has a paid-up capital of US$630 million and shareholders equity of about US$900 million. The Group's pretax profits soared by 44.5% to US$65.26 million in the first half of 2006, from US$45.16 million for the same period last year. Mr. Rashid welcomed the listing of ABG shares and hoped this would attract more investors and stimulate trading activity on the BSE.

Shaikh Saleh Kamel, Chairman, ABG said the move will open the door for investors in Bahrain and the UAE to trade directly in the shares of the Group and help broaden the Group's investor base. On the new capital earlier raised by ABG, Shaikh Saleh said the proceeds would be used to finance a number of projects related to the expansion into new markets, particularly in the UAE, Saudi Arabia and Syria.

The capital of existing subsidiary units will also be increased especially those which achieve rewarding profits, he said.