MANAMA, BAHRAIN – Ithmaar Group, which includes Ithmaar Holding and its two wholly-owned subsidiaries, Ithmaar Bank, a Bahrain-based Islamic retail Bank, and IB Capital, a Bahrain-based Islamic Investment firm, commissioned KPMG and the Bahrain Institute of Banking and Finance (BIBF) to deliver two interactive training courses for members of its Board of Directors and its Executive Management team.
The first training course, which was delivered by KPMG Partner and Indirect Tax Leader, Philippe Norre and KPMG Senior Manager of Indirect Tax, Ali Al-Mahroos, focused on Value Added Tax (VAT) and its application, particularly for financial services, as well as its implementation in the region. The second training course, which was delivered by BIBF Trainer, Seamus Gillen, focused on how to manage and avoid conflicts of interest.
“The two training courses were designed to enhance and further develop the skills of members of the Board of Directors the Executive Management team and to ensure that they remain up-to-date with the latest trends,” said Ithmaar Group Chief Executive Officer, Ahmed Abdul Rahim. “The VAT training course was organised to help prepare for the next phase of VAT implementation, while the course on conflicts of interests was organised to update us on current international best practices. Both course were organised in line with our long-standing commitment to continuous improvement,” he said.
“Such training courses, at all levels within the Group, significantly enhance our existing corporate governance, contribute to our growth, as well as to improving our performance,” said Abdul Rahim. “To maintain our competitive advantage, we must keep up with developments within the banking industry and the subsequent change in market requirements,” he said.
“Ithmaar has long recognised that continuing human capital development is an important component in supporting the Group’s successful journey,” said Ithmaar Bank Head of Human Resources, Enas Rahimi. “Our efforts to strengthening the capabilities of our Board of Directors, our Executive Management team and all members of the Group will contribute to our growth and help ensure continued improvements in our performance,” she said.
About Ithmaar Bank:
Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a wholly owned subsidiary of Ithmaar Holding B.S.C. (formerly named Ithmaar Bank B.S.C.) which is listed on the Bahrain Bourse, Bourse Kuwait 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 individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan).
© Press Release 2018