Shamil Bank of Yemen and Bahrain (an Islamic bank) was established as a closed joint stock Yemeni company according to the rules:-Law No. (21) of 1996 related to Islamic banks, law No (22) of 1997 concerning trade companies and law No. (38) of 1998 regarding banks in general. The bank was granted a license to do business on Feb. 17th 2002 by the Central Bank of Yemen.