He noted that the report in a local Arabic daily from these companies is not correct.
The report from the local newspaper yesterday, unfortunately, is misleading, "said Alalwan.
"We have all our activities, including funding Tawarruq with Sharia, as usual.
"The funds, which in the past, a brokerage firm called Algosaibi Trade Services Limited, is currently being prosecuted by another brokerage firm.
"During the transition period, the loan was a little more, from two to five days to complete the process." Of course, all these deals were put on hold earlier yesterday morning. "
"The transition from one brokerage firm to another, but does not affect our business and our business, and even more for our clients," he added.
"The role of intermediary companies is limited to assistance in buying and selling goods.
"Shamil Bank is supported by the Central Bank of Bahrain, which is widely recognized as one of the best regulators in the Middle East. This is a private company and is not publicly traded."
Shamil Bank is a subsidiary of Ithmaar Bank.