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Ithmaar support for key Bahrain event in Tokyo

MANAMA, BAHRAIN - 11 July 2012 - Ithmaar Bank , a Bahrain-based Islamic retail bank, threw its weight behind an event, planned for the Annual International Monetary Fund (IMF)-World Bank meeting in Tokyo, which aims to promote Bahrain as a key financial hub in the Middle East.

The Banks in Bahrain event, which is being organised in coordination with the Financial Time's prestigious international magazine, The Banker, and supported by the Central Bank of Bahrain (CBB), will bring together leading bankers and senior government officials to discuss opportunities in the Kingdom.

Ithmaar's support, part of its long-standing commitment to supporting the development of Bahrain's Islamic banking industry, will be used to finance the Bahrain Association of Banks (BAB) administrative costs for organising the global event.

"As a pioneering Islamic bank, Ithmaar has played a key role in the creation and subsequent development of Islamic banking in the region, particularly in Bahrain," said Ithmaar Bank Chief Executive Officer and Member of the Board, Mohammed Bucheerei. "We remain as committed as ever to the continuous development of Bahrain's Islamic banking industry and we recognise the important role we must play in supporting such major international initiatives," he said.

"The Banks in Bahrain event at the IMF/World Bank Annual Meetings in Tokyo in October this year will provide a unique opportunity to showcase Bahrain's unique potential in the region - and we are delighted to be able to help make that happen," said Bucheerei. "Bahrain, for example, has prided itself on being a key financial hub in the Middle East for more than 30 years and, today, is home to more than 400 financial services firms which contribute 25 percent of the Kingdom's GDP," he said.

BAB Chief Executive, Robert Ainey, thanked Ithmaar for its continuous support of the Association and, in particular, for the upcoming event.

"The Bahrain government remains focused on enhancing the financial operating environment of the Kingdom which continues to hold many competitive advantages over its neighbours - most notably strong financial regulation and highly-skilled local staff," said Ainey. "With this in mind, Bahrain remains an access point of choice into the GCC's trillion-dollar market, which is helping transform an increasing number of the Kingdom's companies from local institutions into international players," he said.

"The BAB, which brings together banking institutions of all sizes and charters in the Kingdom of Bahrain and works towards enhancing Bahrain's image as the financial hub of the Middle East, is delighted have Ithmaar Bank , a pioneering Islamic retail Bank, supporting this key event," said Ainey. " Ithmaar Bank is clearly very committed to promoting Bahrain as a key financial hub in the region and the Association looks forward to working together with Ithmaar towards our joint objectives," he said.

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$701 million, total shareholders' equity of $594.4 million and is listed on the Bahrain Bourse and the Kuwait Stock Exchange.

Ithmaar Bank , formerly an investment bank, completed in April 2010 a comprehensive reorganisation with its then wholly-owned subsidiary, Shamil Bank, to emerge as a premier Islamic retail bank.

Consequently, Ithmaar Bank now 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 Bank (Switzerland), Sakana Holistic Housing Solutions, Ithmaar Development Company Limited, Bahrain-based BBK, First Leasing Bank, Solidarity (an Islamic insurance company), Naseej and Ithraa Capital (Saudi Arabia).

About the Bahrain Association of Banks
Speaking for 85 members, the Bahrain Association of Banks (BAB) provides an open forum where banks can come together to collectively discuss and solve their shared problems. BAB is also actively engaged in promoting banking conferences, exhibitions and seminars that bring overseas banking delegations to Bahrain and create business opportunities for all members.

BAB publishes a quarterly magazine, The Bahrain Banker, which has established itself as the voice of Bahraini banking with an international readership. BAB also publishes a quarterly newsletter, The Gateway, and a series of handbooks on technical subjects designed to inform a non-specialist audience.

For more information on BAB visit http://www.banksbahrain.org/

Mayan Ghaith, Events & PR Officer
Tel: + 1782 3000;
Email: events@banksbahrain.org.

© Press Release 2012

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