BIIH appoints GIB as GCC financial adviser

DUBAI — After its recent announcement to increase its paid up capital, the board of British Islamic Insurance Holdings (BIIH) announced its decision to appoint Bahrain-based Gulf International Bank B.S.C. (GIB) as the company's GCC financial adviser, and Investec Bank (UK) Limited, as its UK financial adviser.

BIIH recently announced that it intends raising £80 million paid-up capital by the time of launch of business in the first quarter of 2008 to meet the capital adequacy requirements associated with the business plan submitted by the company to the FSA. BIIH raised £19 million paid-up capital in 2006 and has decided to raise the additional capital in two tranches.

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