ELAF Bank is a wholesale Islamic bank incorporated in Bahrain in 2007. Its shareholders include Aref Investment Group of Kuwait; Kuwait Investment Company (KIC); Sukuk Holding Company; Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank; and Qatar Islamic Bank.
It started with the original objective of developing a secondary market in sukuk and to be a market maker. In fact its original name was the cumbersome Sukuk Exchange Central Bank. But the oncoming global financial crisis forced the bank to retreat into more vanilla investment banking to generate enough income to cover its expenses and to prepare for the recovery in the market in 2010-2011.
The CEO of Elaf Bank is Jamil El-Jaroudi, a seasoned Islamic banker who previously worked for Shamil Bank of Bahrain, then a subsidiary of the Dar Al-Maal Al-Islami (DMI) Group, and subsequently worked as CEO of Arab Finance House in Lebanon. Here El-Jaroudi discusses with Mushtak Parker the latest developments at Elaf Bank, the state of the sukuk market and why he is optimistic about the future of the Islamic banking industry.
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