Tuesday, June 27, 2006

Women's Issues: Bahrain to open first Islamic investment bank for women

Abu Dhabi Investment House (ADIH) chief executive officer Rashad Yousef Janahi said Bahrain Monetary Agency (BMA) had granted initial licence to start the first Islamic investment bank for women in Bahrain with an authorised 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 Harbour.

Trade Arabia News Service reports that Janahi said 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 of the women investors like privacy in transactions which is why they need their own bank run by qualified women.

He said the bank will have strong Islamic and Arabic traditions.