AIM-quoted European Islamic Investment Bank has cut its loss and has a strong capital base

Total operating income fell from £2.28m to £1.76m in the six months to June 2010 but the absence of write-offs and a reduction in overheads led to a fall in the loss reported from £15.1m to £2.22m.

EIIB has refocused on its treasury and capital management operations, investment management and financial services. It is no longer involved in the property market.

Subhi Benkhadra has been appointed as chief executive. He was previously a non-executive director. He was involved in the later stages of the strategic review.

EIIB has a capital base of £125m, which is well above the £14m required by the FSA.

The private equity part of the business has been involved in the refinancing of AIM-quoted diamond miner DiamondCorp and it is looking at other investment opportunities.

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European Islamic Investment Bank (EIIB) share price