The bank was established in 2007 as a joint venture between DBS, one of the largest financial services groups in Asia, and 34 investors from prominent families and industrial groups based in the GCC.
IB Asia’s strength and expertise are bolstered by its Shariah Board and its board of directors. The former consists of four of the world’s most prominent Islamic scholars — Shaikh Dr Mohamed Ali Elgari, Dr Abdul Sattar Abu Ghuddah and Dr Mohd Daud Bakar — and is chaired by Shaikh Nizam Yaqouby, based in Bahrain. The latter is chaired by Abdulla Hasan Saif, adviser on economic affairs to the prime minister of Bahrain, and includes prominent bankers such as Khalid Abdulla Al Bassam, Chairman of the Bahrain Islamic Bank.
In less than a year, IB Asia has focused on cross-border transactions securing a range of significant business with a series of prominent GCC companies, including three Kuwait-based companies — the International Leasing and Investment Company, the National Industries Group and the AREF Investment Group — and Barwa Real Estate Company based in Qatar.
Vince Cook, Chief Executive Officer of IB Asia, said that the bank’s unique shareholding structure offers new insights and expertise that will help clients maximise opportunities in the twin financial hubs of the GCC and Asia.
