The best Islamic bank in Bahrain 2023: Bahrain Islamic Bank
You might expect that a bank that managed to double its profit over the last year would be an easy call for the best in Bahrain. But aside from the financials, Bahrain Islamic Bank, led by chief executive Yaser Alsharifi, is a clear standout in many categories.
The bank’s 24th year in operation has also seen a big transition at the senior management level. In October 2022, Alsharifi took over from Hassan Jarrar, who retired after seven years running Bahrain’s oldest Islamic bank.
Alsharifi inherited from Jarrar an institution known for its embrace of digitalization and sustainability, and one able to profit in the most challenging market environments.
In 2022, the bank recorded a net profit of BD12.6 million ($33.4 million), a more than 100% year-on-year increase. Overall assets increased 3% to BD1.36 billion, while Islamic financing rose by BD43 million to BD910 million.
These gains came alongside intensive efforts to support small and medium-sized enterprises in difficult market conditions. Along with making credit available, this has also meant introducing more flexible repayment terms.