29 May 2016
-- Mr. Tareq Sadeq Appointed as Chairman, following the first meeting of the New Board -

Manama, Bahrain - Ibdar Bank ("Ibdar"), the Bahrain based wholesale Islamic investment bank, recently concluded its Annual General Meeting (AGM) for the fiscal year 2015 ("the year") and appointed a new Board of Directors. 

During the meeting, shareholders of the Bank were briefed on its 2015 results and its strategy and initiatives for 2016. Also present at the meeting were members of the Board of Directors, senior management of Bank and representatives of regulatory bodies.

The shareholders approved the Board of Directors' report on the Bank's business activities, annual audited financial statements for 2015 as well as the Shari'a Supervisory Board and Corporate Governance reports, among others. For fiscal year 2015, the Bank reported USD 14.5 million loss attributable to shareholders (USD 14.7 for Quarter 4 2015). Total revenue for 2015 was USD 25.6 million compared to USD 13.6 million for 2014 an increase of 88% over the last year (USD 11.5 million for Quarter 4 2015 compared to USD 0.5 million for the same period in 2014).  Operating profit before impairment charges rose to USD11.3 million compared to USD 0.5 million in 2014 (USD 6.3 million for Quarter 4 2015 compared to an operating loss of USD 4.5 million for 2014). The improved operating performance in 2015 was overshadowed by impairment and negative fair value changes of USD23.8 million compared to USD 15.8 million in 2014. Total assets grew by 15.3% from USD 425 million in 2014 reaching USD 490 million by year end.

In addition, shareholders elected a new Board of Directors for a three year period in accordance with the Bank's Articles of Association.

The Bank's new Board is comprised of: Mr. Tareq Sadeq Member of the Board of Directors of Ahli United Bank Kuwait, and  Managing Director of Keystone Consulting, Mr. Abdulkarim Ahmed Bucheery - Ex-CEO of Bank of Bahrain and Kuwait and the Vice Chairman of Naseej Company, Dr. Ahmed Ebrahim Al Balooshi - CEO of Smarteam Consultancy and Member of the Board of Directors of Bahrain Telecommunications Company, Mr. Ebrahim Husain Al Jassmi Member of the Board of Directors of Bahrain Islamic Bank and Takaful International Company, Mr. Hamad Mohammed Al-Sejari - AVP in the DCM Department at KFH Capital, Mr. Jamal Abdulla Al Saleem Member of the Board of Directors of Kuwait Investment Company and the Executive Vice President of the Privatization Holding Company in Kuwait, Mr. Jasem Al-Yaseen Executive Manager -Treasury Sales at Kuwait Finance House- Kuwait, Mr. Khalid Mohammed Al Maarafi - Executive Manager and Head of Retail Banking Group at Kuwait Finance House-Bahrain and the Chairman of Al Enmaá House for Real Estate, Mr. Mohamed Nooruddin - Chairman of Newbury Investments W.L.L and a Member of the Board of Directors of Tadhamon Capital in Bahrain, and Mr. Abdulaziz Hassan Al Afaleq Partner, Board Member and CEO of Al-Kifah Holding Company.

The new Board has already concluded its first meeting where Mr. Tareq Sadeq was appointed as the Bank's Chairman and Mr. Abdulkarim Ahmed Bucheery as Vice Chairman.

Commenting, Mr. Sadeq, Chairman of Ibdar Bank, said, "Following the first meeting of the new Board of Directors, we are pleased to begin our work with the Bank and to support its ongoing efforts to create an industry leading Islamic investment platform. In the coming periods, we will look to build upon the momentum that has been established by the Bank to date and further refine and oversee the implementation of its strategy. We look forward to working with the management team and have every confidence that together we can create an even more competitive and diversified financial institution capable of delivering sound opportunities and value for all stakeholders."

Acting CEO, Mr. Ahmed Al-Rayes, added, "The foundations that Ibdar have set and the progress we have made over the past years, despite challenging market conditions, is the result of the support and guidance of our shareholders and the continued commitment and focus of our employees. On behalf of Ibdar Bank I'd like to express our gratitude to the outgoing Board for their efforts and guidance over the past three years and I warmly welcome the new Board of Directors. The management of the Bank looks forward to working with them in order to build upon our strengths and achievements and to ensure meeting the shareholders expectation and creating value for all stakeholders."

-Ends-

About Ibdar Bank
Ibdar Bank ("Ibdar") is a wholesale Islamic investment bank incorporated in the Kingdom of Bahrain, where it operates under a wholesale Islamic banking license and is regulated by the Central Bank of Bahrain.

The Bank has USD300 million in paid up capital, an asset base in excess of USD480 million - as at end of December 2015 - and significant funds for deployment. Ibdar is engaged in private equity, capital markets and real estate, activities through which it aims to generate diversified and recurring income streams for the Bank, its shareholders and co-investors.

Geographically, the Bank's focus is on the GCC and MENA region including Turkey. It also transacts in Southeast Asia and select developed markets on an opportunistic basis. Ibdar has a significant expertise in areas such as Aviation, Infrastructure, Maritime, Oil & Gas, and Real estate, among others.

The Bank was created from the first ever three-way merger in the Islamic banking industry between Capital Management House (CMH), CAPIVEST and Elaf Bank in 2012 and was then re-launched as Ibdar Bank in November 2013.

For further information, please visit: www.ibdarbank.com

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Zahraa Taher
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© Press Release 2016