Saba Islamic Bank topped the local Islamic banks for the 12th straight year in terms of the profit rates on the investment deposits in 2010.

It announced the profit rate of Yemeni riyal deposits was 14.50 per cent and the profit rate of foreign currency deposits 7.52 per cent.

The Bank, which was chosen in late 2008 to b the partner of the World Bank in Yemen, also posted a record increase in deposits and returns.

As it continues success, Saba Islamic Bank, the second largest Islamic bank in Yemen, plans to open new branches in the country and the African horn and launch new services for individuals and institutions and residential cities to meet the demands of its clients.

Furthermore, the Bank is looking forward to a procedures guide being prepared by the International Finance Corporation to start its restructure as the local Islamic banks have started a drive to modernize their systems and provide better services.

There are four well-established Islamic banks in the country and two Islamic windows within conventional banks including Yemen Kuwait Islamic Bank launched in January this year.

The second Islamic window is yet to be launched by CAC Bank.

Islamic banking here is very successful but the banks are really seeking more good tools to use their surplus liquidity to serve the national economy, bank officials say.

The Bank is also the pioneer of real estate industry and has the largest network with the best world correspondent banks.