The Bahrain Monetary Agency has granted an initial licence for the first Islamic investment bank for women in Bahrain. Masrafy Bank will tar...

The Bahrain Monetary Agency has granted an initial licence for the first Islamic investment bank for women in Bahrain. Masrafy Bank will target high net worth women in the region and will be located at the Bahrain Financial Harbour. “Many banks provide commercial banking services for the region's women but we do not have a bank dedicated to them for investment services and products. We consider Masrafy as the first bank in this field which will be run by women banking experts with high qualifications, offering women an opportunity to take part in regional investments,” said Rashad Yousef Janahi chief executive officer of Abu Dhabi Investment House. According to Mr Janahi, studies show that women in the Gulf region have funds worth $38 billion and there have been no specific investment avenues aimed purely at them. Financial institutions such as Qatar Islamic Bank and Kuwait Investment Company have invested in Masrafy, along with a number of high net worth individuals.