Ithmaar Bank committed to working closely with Bahrain and Kuwait authorities

MANAMA, BAHRAIN - 24 June 2015

Ithmaar Bank B.S.C. (stock code "ITHMR") is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain (CBB) and listed on the Bahrain Bourse and the Kuwait Stock Exchange.

In compliance with CBB requirements, Ithmaar Bank publishes its financial results in line with international accountings standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

In May, Ithmaar Bank received notification from the Kuwait Stock Exchange requiring the Bank to publish its financial results in line with the International Financial Reporting Standard (IFRS).

Ithmaar Bank responded with a letter explaining that publishing two sets of financial results using different international accounting standards will create confusion among investors. Ithmaar Bank wrote to the Kuwait Stock Exchange requesting a meeting to review possible alternatives. Ithmaar Bank has not yet received a response, and remains firmly committed to working closely with the regulators and stock exchanges in both Bahrain and Kuwait.

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About Ithmaar Bank:
Ithmaar Bank B.S.C. (stock code "ITHMR") is a Bahrain-based licensed Islamic retail bank that is regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.

Ithmaar Bank is a subsidiary of Dar Al-Maal Al-Islami Trust (DMI), and has a paid-up capital of US$757.69 million, total shareholders' equity of US$501.2 million and is listed on the Bahrain Bourse and the Kuwait Stock Exchange.

Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions.

Ithmaar also maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies. These include Faysal Bank Limited (Pakistan), Faisal Private Bureau (Switzerland), Bahrain-based BBK, Ithmaar Development Company Limited, Solidarity (an Islamic insurance company), Naseej and Ithraa Capital (Saudi Arabia).

© Press Release 2015