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. The bank is actively increasing its SME portfolio as part of its commitment to increase its total portfolio of corporate assets by 30% by 2025.
One key driver of Bahrain Islamic Bank’s success has been its leading role in promoting environmental, social and governance investment in the domestic market. Alsharifi stresses that sustainability factors are central to bank decision making.
In 2022, for example, the bank expanded its pioneering Forever Green campaign to help the Kingdom of Bahrain meet its commitments to the United Nations Sustainable Development goals. A key 2023 priority, Alsharifi notes, is to step up efforts to raise awareness on sustainability practices and to upgrade internal policies accordingly.
That means devising additional eco-friendly solutions to reduce the bank’s carbon footprint, and then harnessing that success to attract new customers and recruit top talent from throughout the Gulf region.
Bahrain Islamic Bank takes its role as a standard-bearer of growing the Islamic banking universe seriously. By championing the highest levels of corporate governance and transparency, the bank argues, it consistently highlights the benefits and unique attributes of Islamic banking across sectors and asset classes.
Bahrain Islamic Bank takes its role as a standard-bearer of growing the Islamic banking universe seriously
Part of this involves staying at the cutting edge of new technologies. The bank harnesses its industry-leading digital offerings to help accelerate innovation in Shariah-compliant products. In 2022, Bahrain Islamic Bank rolled out a series of new app-based services for corporate and retail clients, including digital cards that improve account monitoring and security.
Its Future Leaders cashless payment services are aimed at young Bahrainis, helping to teach them how to manage their finances, save and conduct basic transactions.
In addition to offering a range of financing options, the bank supports startup companies with a branding programme that Alsharifi’s team fully finances. It even helps with logos, slogans and graphic design services.
