MANAMA, BAHRAIN – Ithmaar Bank, a Bahrain-based Islamic retail bank, has signed a memorandum of understanding (MoU) with Al Nasir Contracting to support the development of a Governmental social housing project.

The MoU was signed by Ithmaar Bank Head of Corporate Banking, Amr AlShaher and the Managing Director of Al Nasir Contracting, Ammar Rajab at the Bank’s headquarters in Seef Tower.

“We are pleased to announce the strategic partnership with Al Nasir Contracting, which has become one of the prominent contracting companies in the Kingdom of Bahrain,” said AlShaher. “This partnership reflects the Bank’s commitment to provide banking solutions and services that meet the requirements of its corporate clients and enhance the Bank’s involvement in government projects,” he said.

“Ithmaar Bank aims to play a pivotal role in ensuring sustainable development of social housing projects and in supporting its corporate clients to develop public real-estate projects that contribute to the growth of this vital sector in Bahrain,” said AlShaher. “Through these partnerships, we strengthen our support for our corporate clients by providing tailored banking solutions that enable them to expand, deliver quality projects, and achieve their business goals.”

“Ithmaar Bank is one of the pioneering banks in Bahrain, offering exceptional services tailored exclusively to companies and business owners,” said Rajab. “This cooperation will enable us to continue delivering high-quality developments with the highest construction standards, supporting government initiatives and contributing to the growth of the construction sector in the Kingdom”.

About Ithmaar Bank:

Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) is a Bahrain-based Islamic bank that is licensed and regulated by the Central Bank of Bahrain.

Ithmaar Bank is a wholly-owned subsidiary of Ithmaar Holding B.S.C. which is listed on the Bahrain Bourse and Dubai Financial Market. 

Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of institutions. Ithmaar Bank also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan).

www.ithmaarbank.com