Gulf International Bank issues inaugural sustainability report

Gulf International Bank (GIB) has published its first groupwide Sustainability Report which shows its commitment to sustainable growth and performance against environmental, social and governance indicators. The Report provides an overview of GIB’s strategic approach to sustainability and the Bank’s direct activities and initiatives and discloses them in accordance with the Global Reporting Initiative (GRI) […]

Bahrain-based Bank ABC Q1 net profit rises 3% to $31mln

based Bank ABC (Arab Banking Corporation) has posted a $31 million Q1 net profit attributable to the shareholders of the parent company, which is 3% higher on the $30 million of the same period last year. With cost of risk returning to pre-pandemic levels, it suggests a better economic outlook and the resilience of the […]

Aluminium Bahrain refinances $1.247bln loan with sustainability targets

Aluminium Bahrain (Alba), the world’s largest smelter ex-China, has successfully achieved sustainability-linked refinancing for its $1.247bln syndicated loan facility in connection to the Line 6 Expansion Project. Alba is the first Bahraini company to have achieved such sustainability-linked refinancing. The senior-unsecured conventional and Islamic facility carries an interest margin of 235 basis points per annum over […]

Moody’s upgrades outlook for Bahrain’s banking system

Bahrain banks’ profitability will return to pre-pandemic levels over the next 12 to 18 months, forecasts Moody’s Investors Service, noting that resilient funding, liquidity and capital positions are back after the coronavirus economic shock. In reports issued yesterday, the US-based ratings agency has changed the outlook for the banking systems of Bahrain, Saudi Arabia, Kuwait, […]

Tarabut Gateway gets DIFC licence to offer financial services

Tarabut Gateway, a leading open banking platform with offices across Bahrain and the UAE, has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in Dubai International Financial Centre (DIFC). Tarabut Gateway is the region’s first regulated open banking platform that connects a regional network of banks and FinTechs via […]

Cashless transactions increase by 45% in Bahrain

Cashless transactions in Bahrain jumped 45 per cent to BD341.6 million last month when compared with the same month of 2021, reveals data from the Central Bank of Bahrain (CBB). There were nearly 14m point-of-sale (PoS) and e-commerce transactions in Bahrain last month, 73.6pc of them contactless, the banking regulator said. The figures reflect the […]

Bahrain’s Al Salam opens first paperless and fully automated branch

The opening ceremony was held in the presence of the Central Bank of Bahrain (CBB) representative, Khalid Al Hamad, Executive Director of Banking Supervision in addition to the Bank’s Board of Directors and Executive Management. The opening of the new branch comes as part of Al Salam Bank’s digital transformation strategy to support environmental sustainability. […]