Elaf Bank BSC (Elaf), licensed by the Central Bank of Bahrain (CBB) to operate as a wholesale Islamic bank, and Ohad Trust BSC (Ohad) — a fund administration, custodian and trust services provider also licensed by the CBB — have formed a joint venture in Labuan, Malaysia.
As a result of this joint venture, the Labuan Financial Services Authorities (LFSA) granted a trust license under the name Ohad Trust (Labuan) Bhd (Ohad Labuan), during a private ceremony held in Malaysia and attended by representatives from all parties to commemorate this event recently.
The LFSA granted trustee license will allow Ohad Labuan to work on trust, foundations, fund administration, registrar and custody assignments in Malaysia.
Jamil El-Jaroudi, CEO of Elaf Bank, said: “Having a branch office in Malaysia has definitely opened more doors not only for our bank, but also for other Bahrain-based entities, and has allowed us to fulfill our promise to better serve our wide range of Islamic finance client needs in both the GCC and SEA regions.”
Stefan Cnoops, CEO of Ohad Trust, said: “There can be no doubt that Elaf Bank and Ohad Trust share common objectives and we are very happy to have joined forces through this strategic partnership in such an important market.”