“The newly established Ibdar Bank has a paid up capital of $300million, $329million in equity, an asset base of $360million and significant funds at its disposal for deployment,” the top management of the bank revealed during a Press conference.
“With an initial target of investing in MENA, and the Southeast Asian markets, Ibdar plans to invest in the MENA region to add value to the investors’ funds,” Paul Mercer, Chairman of Ibdar said, adding that the launch of the new brand follows a period of consolidation and the integration of the assets, resources and operations of the three banks.
“The result has been the creation of a well diversified and financially robust institution with $300 million of paid up capital,” he added.
Leveraging a 30-year combined track record and the complementary strengths of the merged entities, including financial and human resources and expertise, Ibdar will engage in Private Equity, Capital Markets and Real Estate through which it aims to generate diversified and recurring income streams for the bank, its shareholders and co-investors.
Geographically, the bank’s focus will be on the GCC, MENA region including Turkey and Southeast Asia in addition to pursuing select opportunities in developed markets, where opportunities exist and where its experience and network of best in class local partners can be leveraged.
The bank has already working with IOCs by investing in oil and gas sector and is on the ground in Libyan market, one of the major global players in energy sector in Africa.
“We are delighted to unveil the Ibdar brand under which the bank will now transact business and engage in value creation,” Paul added.
“The merger, which has already provided significant value to shareholders, has brought forth a more competitive institution with tremendous experience, industry talent and the foundations for leadership in Islamic banking.”
“We see great potential for Ibdar and with significantly enhanced investment and underwriting capacity, the bank is well positioned to undertake substantial and high quality deals and to more effectively participate in the capital markets. With a thorough integration now behind us, we are fully focused on re-engaging with the markets and bringing high quality products, platforms and co-investment opportunities across sectors and asset classes to our clients,” he added.
The bank currently has a strong pipeline of opportunities, which it is evaluating and to which its capital, expertise and original thinking can potentially be applied to build and extract value. Areas of focus for Ibdar are strategic growth industries within its main markets of operation and those in which the bank, through its predecessors, has already built a significant track record of investment success. These include aviation, maritime, infrastructure, oil and gas, and real estate, among others.
At the same time, Ibdar’s strategy also calls for the rationalization of its existing portfolio across these sectors and others. At present, every effort is being made to further bolster and add value to core assets within the portfolio whilst also preparing for the strategic exit of non-core businesses and investments.
“We are confident of the strategy and the strength of the institution that we have created. With the support of an exceptional base of shareholders and team of professionals, we have already made great strides. This, however, is just the start and we are deeply committed to creating long term, strategic partnerships with our clients and co-investors and to delivering to them sound opportunities and returns. We soon expect to announce a number of exciting developments and look forward to keeping you apprised of our activities and the evolution of Ibdar Bank in the months ahead.”
Ibdar Bank (Ibdar) is an Islamic investment bank incorporated in the Kingdom of Bahrain, where it operates under a wholesale Islamic banking licence and is regulated by the Central Bank of Bahrain. It also operates a branch in Malaysia, which is regulated by Bank Negara Malaysia.
Ibdar is engaged in private equity, capital markets and real estate, activities through which it aims to generate diversified and recurring income streams for the bank, its shareholders and co-investors. Geographically, the bank’s focus is on the GCC, MENA region including Turkey and Southeast Asia in addition to pursuing select opportunities in developed markets. Ibdar, through its predecessors, has a significant track record of investment success in areas such as aviation, infrastructure, maritime, oil & gas, and real estate, among others.