VOL. XLII

No. 33

16-August-1999

BAHRAIN

Offshore Banks Show Mixed Results

Whatever the potential of their Islamic finance operations,neither ABC nor GIB has escaped the vagaries of a tumultuous financial climatein 1998 and both were downgraded by Moodys Investors Service at the end oflast year (MEES, 7 December). The sector as a whole, althoughheterogeneous in both size and activity, also displayed a consistent downturnwith a 45% drop in profits. Six of the banks reported a fall in profits, with...