FPB, a wholly owned subsidiary of Ithmaar Bank since 29 November, 2007, posted a net profit of $6.7 million. Its contribution to Ithmaar Bank’s profits stood at $5.7 million, an increase of $5.1 million as compared to last year.

Total assets stood at $134.6 million, compared to $80.7 million at the end of 2006. Total funds under management increased to $441.2 million, up from $304.5 million as at the end of 2006.

In the last year, FPB continued its focus on expanding its services and products through the launch of products such as a Real Estate fund focusing on Eastern Europe, and an alternative energy investment vehicle through a company called Solara. In 2007, FPB also began actively planning, at an early stage, the opening of a representative office in Malaysia. As a part of its growth plan, FPB increased its staffing levels and completed the implementation of two new IT systems; Apsys and Microsoft CRM.

To create more awareness of the bank and to support the new generation, FPB became the official sponsor of the GP2 Asia Series race driver Romain Grosjean, a member of Team ART GRAND Prix.