Chairman Abdulmajeed Shoman.
Arab pioneer now spans the world
01 October 2001
The Arab Bank was set up 71 years ago in Jerusalem as a family-owned bank. The bank was first conceptualised by the late Abdul Hameed Shoman, when he had emigrated to the US from Jerusalem. Inspired by the emergence of mega banks in the West, Shoman returned to the region to establish a pioneering financial institution to serve all the Arab countries. Despite the initial hurdles, he was successful in setting up the bank with a capital of £15,000, funded by himself and his family members.
Over the years, the bank gradually broadened its horizons to the rest of the world. It has braved through many crises, including the 1948 and 1967 wars, and has emerged stronger and committed to its clients, says Hani Fadayel, senior vice president and senior manager.
''Despite all the problems, the bank has honoured all its commitments and never defaulted," Fadayel stresses. ''It is this reputation that ensures that clients come in with their money during times of crisis. Arab Bank has continued to grow and expand not only in the Arab world but right round the globe from North America to Australia.''
He continues: ''Its home base remains the Arab world. The bank is now a public shareholding company registered in Amman. Its chairman Abdulmajeed Shoman and deputy chairman and CEO Abdul Hamid Shoman continue to be from the founding family.''
''Arab Bank started opening its branches in the Gulf region in the 1950s. Its office in Bahrain was opened in the early 1960s. Arab Bank was among the first offshore banking units (OBUs) to be set up in the country in 1976. Today, the bank has four commercial branches - in the new headquarters, on Government Avenue, in Muharraq and in Ghudaibiya. Its main scope of activities in the region is project financing, corporate finance and treasury services.''
