One of Bahrain’s leading Islamic banks has announced a record growth in income during the first quarter of 2007. Shamil Bank grew by 151 per cent recording a net income of $28.4 million.

This compares with $11.3 million earned in the same period last year. The bank attributes the steep rise to substantial growth in earnings from investments.

The bank's consolidated total assets increased by 23 per cent from $1.69 billion on 31 December 2006 to $2.08 billion as at 31 March 2007.

Mohamed Hussain, chief executive of Shamil Bank, said: “The year-on-year improving financial performance has put the bank in the league of frontline financial institutions in the region. With the grace of Allah we have also been able to establish a strong pipeline of quality businesses which makes the bank’s future outlook very promising.”

The bank has grown steadily since 1982 to become a leading Islamic financial institution with a shareholding equity of $353 million at 31 December 2006.