ITHMAAR HOLDING REPORTS SECOND QUARTER RESULTS

MANAMA, BAHRAIN – 10 August 2017 – Ithmaar Holding BSC (formerly Ithmaar Bank BSC) (Ithmaar) reported today (ed note: 10/08/17) a net loss of US$1.59 million for the six-month period ended 30 June 2017, compared to a net profit of US$11.96 million for the same period last year.
Net loss attributable to equity holders for the six-month period ended 30 June 2017 was US$9.25 million, compared to a net profit of US$4.4 million reported for the same period last year. This included a net loss of US$7.38 million for the three-month period ended 30 June 2017, compared to a net profit of US$7.14 million for the same period last year. Net loss attributable to equity holders for the three-month period ended 30 June 2017 was US$9.82 million, compared to a net profit of US$3.19 million reported for the same period last year.
The announcement, by Ithmaar Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of Ithmaar’s consolidated financial results for the six-month period ended 30 June 2017.
“On behalf of the Board of Directors, I am pleased to announce that Ithmaar’s half-year financial results show that the core business continued to grow in 2017,” said HRH Prince Amr. “Although net income, before provision for impairment and overseas taxation, dropped to US$29.83 million for the six-month period ended 30 June 2017, from US$36.67 million for the same period last year, this loss was mainly due to unrealized foreign exchange losses of US$12.5 million, overall income from our core business grew significantly during the same period. This is evident from the increased income from murabaha and other financing which grew by 7.7 percent to US$72.08 million for the six-month period ended 30 June 2017, compared to US$66.9 million for the same period last year, as well as the higher share on income from unrestricted investment accounts as a Mudarib which grew 60.8 percent during the first half of this year to US$34.39 million, compared to US$21.38 million for the same period last year. This is, mainly, a result of the 75 new Islamic retail branches that were opened by Faysal Bank Limited in Pakistan last year,” he said.
Ithmaar Chief Executive Officer, Ahmed Abdul Rahim, said the focus remains firmly on growing the core retail banking business.
“I am pleased to report that the balance sheet is stable and continues to grow,” said Abdul Rahim. “Total assets stood at US$8.72 billion as at 30 June 2017, a 4.5 percent increase compared to US$8.34 billion as at 31 December 2016, and a 2.9 percent increase compared to US$8.47 billion as at 30 June 2016,” he said.
“Customer current accounts also increased to US$1.73 billion as at 30 June 2017, a 9.6 percent

increase compared to US$1.58 billion as at 31 December 2016, and a 15.5 percent increase compared to US$1.5 billion as at 30 June 2016,” said Abdul Rahim. “The equity of unrestricted investment accountholders, at US$2.78 billion as at 30 June 2017, increased by 0.4 percent compared to US$2.77 billion as at 31 December 2016, and by a significant 7.2 percent compared to US$2.59 billion as 30 June 2016,” he said.

ITHMAAR BANK REPORTS CONTINUED PROFITS FOR 2017

MANAMA, BAHRAIN – 13 August 2017 – Ithmaar Bank B.S.C. (c), a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding, reported today (ed note: 13/08/17) a net profit of BHD4.38 million for the first half of 2017. The net profit attributable to equity holders of the Bank for the six-month period ended 30 June 2017 was BHD1.54 million.
The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of the Bank’s consolidated financial results for the six-month period ended 30 June 2017. These are the Bank’s first half-year results since the successful completion in January this year of a planned reorganisation and the formal commencement of the new group structure and hence there are no comparatives.
“On behalf of the Ithmaar Bank Board of Directors, I am pleased to announce that the Bank continues to report profits in 2017,” said HRH Prince Amr. “In the three-month period ended 30 June 2017, Ithmaar Bank reported a net profit of BHD1.3 million, with the net profit attributable to equity holders of the Bank for the period being BHD0.4 million,” he said.
“Ithmaar Bank’s half-year financial results show that the Bank is reporting continued profits and stable income for the year,” said HRH Prince Amr. “In the first half of 2017, the Bank recorded a net income, before provisions for impairment and overseas taxation, of BHD12.71 million, including BHD6.22 million for the three-month period ended 30 June 2017. The Bank recorded a total income for the first half of the year of BD76.44 million, including BD39.23 million for the three-month period ended 30 June 2017,” he said.
Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said that efforts to continuously develop the Bank’s products and services, while also improving its customer service offerings and growing closer to its customers, were clearly paying off.
“Ithmaar Bank’s half-year financial results show that we are, indeed, on the right track as we work towards our shared vision of becoming one of the region’s premier Islamic retail banks,” said Abdul Rahim. “The results show that the Bank’s total assets grew by 5 percent over the past three months and stand at BHD3.26 billion as at 30 June 2017, up from BHD3.11 billion as at 31 March 2017. Accordingly, the equity of unrestricted investment accountholders grew by 4.8 percent during the same period to stand at BHD1.05 billion as at 30 June 2017, up from BHD0.99 billion as at 31 March 2017,” he said.
“This growth is, in a large part, a result of the unwavering focus on developing our core retail banking business,” said Abdul Rahim. “Ithmaar Bank operates one of the largest retail banking networks in Bahrain, and is widely recognised as one of the pioneer, most innovative Islamic banks in the region. We are confident that we will continue to build on this legacy by listening closely, and responding quickly, to our customers,” he said. “The Bank’s subsidiary, Faysal Bank Limited in Pakistan, opened 75 Islamic branches during 2016 as part of its branch expansion plan and has 50 Islamic branches planned for 2017, out of which 10 have been opened till 30 June 2017, making the number of total Islamic branches as 156 out of total of 364 branches,” he said
In May, for example, Ithmaar Bank introduced a new Sharia-compliant corporate credit card with Mastercard. The Card, which was tailored to meet the specific requirements of corporate customers, as well as business owners and Small and Medium-sized Enterprises (SMEs) customers, was developed a result of the Bank’s commitment to listening to, and delivering on, customer expectations. The corporate card allows for a one-stop payment solution which, ultimately, creates what could be the most convenient business payment solution for businesses.
In April, Ithmaar Bank became one of the first banks in Bahrain to be certified to the Payment Card Industry Data Security Standard (PCI-DSS) v3.2, a prestigious, internationally-celebrated payment security certification that puts the Bank on par with some of the best in the world. The PCI-DSS is a data security standard for organizations that handle branded payment cards from the major card schemes. The PCI Standard is mandated by the card brands and administered by the Payment Card Industry Security Standards Council. Ithmaar Bank earned the certification after successfully completing a comprehensive audit and demonstrating compliance to one of the most stringent and most coveted security standards in the world.
Earlier this month, Ithmaar Bank announced that it was honoured at a regional conference for its continuous support of the community and presented with the Best Corporate Social Responsibility (CSR) Award for an Islamic Bank 2017 award in recognition of its various initiatives. The award was presented at the CSR Conference and Award for Islamic Banks which was held in Bahrain and attended by senior bankers, CSR experts and representatives of Non-Governmental Organisations (NGOs) as well as government and banking and finance officials both from Bahrain, as well from Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Jordan, Lebanon, Sudan, and the Republic of Djibouti.

ITHMAAR BANK EARNS CSR AWARD, CEO EARNS ACADEMIC EXCELLENCE IN CSR AWARD

MANAMA, BAHRAIN – 7 August 2017 – Ithmaar Bank, a Bahrain-based Islamic retail Bank, was honoured at a regional conference for its continuous support of the community and presented with the Best Corporate Social Responsibility (CSR) Award for an Islamic Bank 2017 in recognition of its various initiatives. Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, was also honoured at the event and presented with the Academic Excellence in CSR Award.
The awards were presented to Abdul Rahim by the Chairman of the Bahrain Association of Banks and the International Ambassador for CSR, Adnan Yousif, at the CSR Conference and Award for Islamic Banks, which was held in Bahrain. At the event, Abdul Rahim was thanked for his participation in the conference and his support, as the Ithmaar Bank CEO, for the Bank’s CSR initiatives. The event was attended by senior bankers, CSR experts and representatives of Non-Governmental Organisations (NGOs) as well as government and banking and finance officials both from Bahrain, as well from Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Jordan, Sudan and the Republic of Djibouti.
Abdul Rahim thanked the organisers and attributed the Bank’s long-standing commitment to the community, as well as its growing success, to the Grace of God, then to the support and guidance of the Ithmaar Bank Board of Directors, led by the Chairman His Royal Highness Prince Amr Al Faisal, as well as to the contributions of the Executive Management team and all the Bank’s employees.
“As a pioneering Islamic retail bank, Ithmaar Bank has long recognised the important role we must play in supporting the community in which we operate,” said Abdul Rahim. “This is a responsibility we have always taken very seriously, and this has helped chart the Bank’s progress and growth over the years,” he said.
“Although we are, of course, deeply grateful for the recognition we receive through these prestigious awards, our support for the community is driven by infinitely more powerful motivation,” said Abdul Rahim. “It is, in fact, one of our key objectives as an Islamic retail bank: to play a real and meaningful role in developing our community, to help those in need and to contribute to our society’s growth and prosperity. It is about who we are as a corporate entity,” he said.
“Ithmaar Bank fulfils its responsibility towards the community by focusing on economic growth, social development and environmental protection,” said Abdul Rahim. “Throughout, we remain committed to applying best practices in corporate governance through the adoption of principles such as integrity, transparency, accountability and a strict adherence to the principles of the Islamic Sharia principles,” he said.
“We set solid foundations based on predetermined criteria that are used in deciding which initiatives we support, and we conduct extensive studies to ensure that any funds we disburse

are used to achieve specific objectives that are in line with the Bank’s CSR strategy,” said Abdul Rahim. “The Bank’s CSR strategy aims to provide financial and moral support to a number of sectors, such as providing financial support for the needy and providing education and training opportunities for Bahrainis from all sectors, including empowering women to play bigger roles in the community and supporting people with special needs. The Bank also focuses on supporting sports and social activities as well as on supporting hospitals and medical centres,” he said.
“As an Islamic retail bank, Ithmaar Bank we did not overlook the significant role we must play in spreading Islam by supporting centres that aim to spread awareness of the Holy Quran through programmes that teach Islamic principles, print the Holy Qurans, and memorise it as a part of the nation-wide Quran reader programme,” said Abdul Rahim. “Over the past 10 years, Ithmaar has also sponsored a number of distinguished academics from all over the Islamic world to obtain postgraduate degrees from the United Kingdom,” he said.
“We also play an important role in providing ongoing training to a large number of undergraduate students in Bahrain to prepare them for entering the banking sector,” said Abdul Rahim. “Ithmaar does not neglect the important role women play in all areas, and the Bank continues to supports initiatives and programmes that help empower women,” he said.
“The Bank also supports the Bahraini community by offering innovative products such as the Qard Hassan, during the Holy month of Ramadan where customers are able to get financing with zero profit rate,” said Abdul Rahim. “We also conducted a recycling project which included educating our employees and the community on how to recycle paper and plastic,” he said.
In December 2016, Ithmaar Bank was singled out from among the world’s Islamic banks for a prestigious international award in recognition of its CSR initiatives and its Financial Disclosure. The independent award was presented at the World Islamic Banking Conference (WIBC) in Bahrain, a high-profile event that was attended by leading international banking experts and is widely recognised as one of the most important events on the world Islamic banking calendar.
-Ends-

ITHMAAR BANK EARNS PRESTIGIOUS PAYMENT SECURITY CERTIFICATION

MANAMA, BAHRAIN – 23 July 2017 – Ithmaar Bank, a Bahrain-based Islamic retail bank, earned a prestigious, internationally-celebrated payment security certification that puts the Bank on par with some of the best in the world.
The Payment Card Industry Data Security Standard (PCI-DSS) certification was awarded to Ithmaar Bank by SISA Information Security WLL, the Middle East’s leading Qualified Security Assessor. The PCI-DSS is a data security standard for organizations that handle branded payment cards from the major card schemes. The PCI Standard is mandated by the card brands and administered by the Payment Card Industry Security Standards Council. Ithmaar Bank earned the certification after successfully completing a comprehensive audit and demonstrating compliance to one of the most stringent and most coveted security standards in the world. The certification was awarded on 26 April 2017, making Ithmaar Bank one of the first in Bahrain to be certified in PCI DSS v3.2.
“Maintaining the safety of card data and banking systems should be one of the top priorities in card acquiring and issuing companies,” said SISA Worldwide CEO and Founder, Dharshan Shanthamurthy. “We are glad to know Ithmaar Bank holds the same belief and continues to work hard towards it,” he said.
SISA is confident that Ithmaar Bank will continue to play an important role in driving the Bahrain payment industry towards utilizing top-of-the-line secure payment infrastructure by implementing payment security regulatory and compliance requirements,” said Shanthamurthy. “This great achievement by Ithmaar Bank will set an example for all other Bahrain financial organizations who are currently in the process of implementing PCI security standards, as it is vital to their long-term success,” he said.
“Ithmaar Bank is committed to becoming the region’s premier Islamic retail banks,” said Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim. “To realise this vision, we invest heavily in continuously developing our products and services while also enhancing our customer service offerings. This, in turn, requires us to ensure we provide the highest levels of security to our customers,” he said.
“The importance of security cannot be overstated,” said Abdul Rahim. “It is a commitment we take very seriously, and I am pleased to note that Ithmaar Bank has earned this prestigious certification,” he said.
The PCI Security Standards Council, launched in September 2006 and formed by the major payment card brands like Visa, MasterCard, American Express, Discover and JCB, is a global open body to develop, enhance, disseminate and assist with the understanding of security standards for payment account security and maintains, evolves and promotes the Payment Card Industry Security Standards. PCI-DSS is not a static standard, but an evolving one based on the ever-changing threat landscape worldwide.
-Ends-

BAHRAINI WOMAN WINS USD100,000 THIMAAR PRIZE

MANAMA, BAHRAIN – 15 July 2017 – Ithmaar Bank, a Bahrain-based Islamic retail bank, presented a USD100,000 cash prize to Dalal Mohammed Abdulrahman Buali, a Bahraini mother who won the Thimaar semi-annual grand prize.
The prize, which was received by Dalal’s nephew Yaqoob Ahmed Alatawi on her behalf, was presented by Ithmaar Bank General Manager, Banking Group, Abdul Hakeem Al Mutawa at a ceremony which was held at the Seef Mall and attended by members of Dalal’s family and members of the Ithmaar Bank management team. The ceremony attracted an audience that included new Thimaar customers and mall shoppers.
“I am very happy that my aunt has won the grand prize,” said Alatawi. “She has been saving with Thimaar for a long time, mainly because of the large number of prizes and the many winners who have encouraged her to save with the Bank. She is particularly delighted to win the prize at this specific time, as the prize money will help her continue the house she had started to build,” he said.
“Congratulations to Dalal and her family, as well as all the other Thimaar winners of this month,” said Al Mutawa. “We work hard to improve the Thimaar savings account in line with the Bank’s commitment to listening closely to its customers’ requirements and actively responding to their feedback. As a result, the current Thimaar offering reduced the minimum deposit to BD30, while also increased the number of winners to 4,044, currently the highest in Bahrain,” he said.
In 2017, Thimaar is offering a total of USD3,055,000 in prizes – including USD1,020,000 monthly prizes, USD900,000 loyalty prizes, USD600,000 Eid prizes, USD200,000 semi-annual prizes and USD125,000 national day prizes – to a total of 4,044 winners, including 840 Junior winners.
Every BD30 maintained as an average daily balance qualifies a customer to enter the draws. The more customers save, and the longer they maintain balances in multiples of BD30, the more opportunities they have to win.
-ENDS-

ITHMAAR HOSTS POST GRADUATE STUDENTS FROM MOROCCO

MANAMA, BAHRAIN – 21 June 2017 – Ithmaar Bank, a Bahrain-based Islamic retail bank, hosted a delegation of post graduate students from Morocco who were visiting the Kingdom as part of their university programme.
The delegation of Master’s Degree students from the Dauphine University in Casablanca, Morocco, was headed by the University’s Director of the Executive Master Principles and Practices of Islamic Finance, Kader Merbouh. The visit, which was organised by the General Council for Islamic Banks and Financial Institutions (CIBAFI), included meetings with various leading organisation in Bahrain.
The delegation choose to visit Bahrain because of its significance as a regional key Islamic financial hub which helps contribute to their mission of establishing Morocco’s first Islamic financial institution. The students, who has specifically requested in-depth information about operational risk and compliance management application in an Islamic bank, attended a detailed presentation, delivered by the Ithmaar Bank Chief Risk Officer, Krishnan Hariharan, on their key area of study.
“As a pioneering Islamic retail Bank, we recognise the important role we must play both in contributing to the development of the region’s Islamic banking and finance industry, and in playing a real and meaningful role in our extended community,” said Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim. “This visit, which was arranged by CIBAFI, is a great example and allowed us to share first hand insight with postgraduate students who are well on their way to becoming the next generation of leaders,” he said.
-Ends-

ITHMAAR HOSTS SECURITY AWARENESS SESSIONS FOR OFFICE ASSISTANTS AND SECURITY GUARDS

MANAMA, BAHRAIN – 19 June 2017 – Ithmaar Bank, a Bahrain-based Islamic retail bank, hosted a series of security awareness sessions for office attendants and security guards to help reduce the risks of any gaps in the Bank’s security or the confidentiality of its documents.
The awareness sessions, which were delivered by Ahmed Buqais, Senior Manager at Ithmaar Bank’s Information Technology department, were organised by the Human Resources and the Administration departments and attended by approximately 80 office attendants and security guards. The sessions were organised in recognition of the important role that office attendants and security guards play in the Bank’s continued success.
“Security is everyone’s responsibility, and we can only ever be as strong as our weakest link,” said Buqais. “Every year, all employees, from the most junior to the most senior including the executive management, attend refresher courses to ensure we are all kept up to date with the latest developments. This, in turn, helps minimise risks by keeping us all alert and updated,” he said.
“Ithmaar Bank is committed to the highest standards of excellence in everything we do,” said Ithmaar Bank Head of Human Resources, Enas Rahimi. “Training is one of the key ways in which we work towards achieving this shared objective. In addition to external training courses, we also arrange internal training courses where employees can share their expertise. This approach helps further develop our people, with both the trainer and the trainees developing their professional capabilities. Office attendants and security guards play an important a role in our continued success, as do all the other employees, and we treat them accordingly,” she said.

-Ends-

ITHMAAR BANK SUPPORTS EMPLOYEES TO EARN PROFESSIONAL CERTIFICATES IN ISLAMIC FINANCE

MANAMA, BAHRAIN – 11 June 2017 – Ten employees at Ithmaar Bank, a Bahrain-based Islamic retail bank, who recently earned professional certificates in Islamic finance from the Bahrain Institute of Banking and Finance (BIBF) were honoured at a ceremony hosted by the BIBF and attended by Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, Assistant General Manager, Head of Retail Banking, Mohammed Janahi, Executive Senior Manager, Head of Commercial and Financial Institutions, Abdulla Talib and employees from the Human Resources Department.
The employees, from various departments including Commercial and Financial Institutions, Retail Banking, Product Development and Management, and Compliance & Anti Money Laundering had successfully completed professional training programme at the BIBF and earned the Advanced Diploma in Islamic Finance.
Abdul Rahim congratulated the employees on their achievements which, he said, helped contribute directly to developing the Islamic banking and finance industry both in Bahrain and abroad.
“Banking is all about people,” said Abdul Rahim. “At Ithmaar Bank, we have long recognised our people as our greatest asset and we have repeatedly stressed that our continued success is, ultimately, dependent on our people,” he said.
“As a pioneered Islamic Bank, Ithmaar is committed to playing a key role in the development of the Islamic banking industry,” said Abdul Rahim. “One way we try to do so is by focusing on improving the qualifications and skills of our employees. This, in return, will reflect on the Bank’s performance, particularly in terms of delivering on our customers’ expectations and will in turn enhance the skill set in Islamic banking sector in the Kingdom,” he said.
“At Ithmaar Bank, we are working continuously to develop our employees who are the pillars for our success,” said Ithmaar Bank Head of Human Resources, Enas Rahimi. “We always look for training programmes that will help our workforce gain new professional skills and knowledge in Islamic banking,” she said.
“We also try to encourage our employees to join professional training programmes such as the Advanced Diploma in Islamic Finance,” said Rahimi. “These will help enhance their experience and add to their qualification which, in turn, will help their careers,” she said.
The following employees earned the Advanced Diploma in Islamic Finance Certificate: Ali Abbas Faraj Abbas, Ali Yusuf Ali Abdulwahab Jamaan, Khalil Ebrahim Mohammed Qabeel, Mohammed Abdulaziz Salman Al-Hasan, Muhjah Abdulrazaq Abdulla Fulad, Mohammed Abdulla Mohamed
Al-Awadhi, Yousif Mohammed Abdulla Al-Qasim, Faisal Riyadh Yusuf Sater, Naser Abdulla Naser Al-Naqib and Mai Abdulhameed Mohammed Al-Thawadi.
-ENDS-

ITHMAAR BANK’S RETAIL BANKING SUBSIDIARY IN PAKISTAN, FAYSAL BANK LIMITED, REPORTS HIGHER PROFITS

MANAMA, BAHRAIN – 29 May 2017 – Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 29/05/17) that its retail banking subsidiary in Pakistan, Faysal Bank Limited (FBL), has reported remarkably improved profitability for the first quarter of 2017 compared to the corresponding period last year.
The announcement, by the Bank’s Chief Executive Officer and FBL Vice Chairman, Ahmed Abdul Rahim, follows the review and approval by the FBL Board of Directors of the financial results for the quarter ended 31 March 2017.
FBL, has upgraded its core banking system, and strengthened processes and increased its reach to preferred business sectors and customers through an improved product menu and increased branch network. FBL added 75 branches in 2016 and plans to add 50 more branches during 2017. These measures are expected to translate into better returns for shareholders of the Bank. FBL is listed on the Pakistan Stock Exchange and is mainly engaged in corporate, commercial, retail and consumer banking activities. Ithmaar Bank owns 66.6 percent of FBL.
“I am pleased to announce that FBL registered a healthy profit, after tax, of US$ 17.8 million (PKR 1.9 billion) during the first quarter of 2017, compared to US$ 12.9 million (PKR 1.4 billion) during corresponding period of 2016,” said Abdul Rahim. “During the last two years, the banking industry in Pakistan experienced lower interest rates. These economic realities have restricted the profit earning capacity of banks. As a result, FBL repositioned its strategy by introducing low cost deposit mobilization initiatives to protect spreads,” he said.
“FBL has also made sizable recoveries from delinquent clients and administrative cost has been kept under strict control,” said Abdul Rahim. “FBL successfully executed large corporate deals and was lead arranger for a number of entities in the transport and energy sectors pertaining to China Pakistan Economic Corridor (CPEC) projects. These measures helped increasing Earnings per Share (EPS) of the Bank for the first quarter, from PKR 1.13 to PKR 1.56,” he said.
“FBL’s Balance Sheet stands at US$ 4.2 billion (PKR 444 billion) and deposits have reached US$ 3.2 billion (PKR 338 billion) as at 31 March 2017, with a focus on maintaining spreads,” said Abdul Rahim. “FBL’s financial performance has earned the Bank “AA” and “A1+” ratings for the long and short terms respectively, with stable outlook from JCR-VIS Credit Rating Company Limited and Pakistan Credit Rating Agency Limited,” he said.
In May 2017, the Chairman of the FBL Board of Directors announced the appointment of Yousaf Hussain as acting Chief Executive of the Bank replacing the former Chief Executive who resigned in mid-May 2017. Abdul Rahim said, “Earlier during the year, the board has also inducted three independent directors, namely Fuad Azim Hashmi, Mian Mohammad Younis, and Ali Munir.” He also said the newly constituted board now comprises one-third independent directors with a rich blend of diverse local and international management and financial expertise. “We are confident that Faysal Bank will embark on the next phase of its ambitious journey under the guidance of the esteemed Board of Directors,” he added.
Abdul Rahim said that Hussain is an experienced professional banker with over 22 years of multifaceted local and international experience with leading institutions including ABN AMRO in the last eight years at FBL.

-ENDS-

ITHMAAR BANK LAUNCHES MASTERCARD CORPORATE CREDIT CARD

MANAMA, BAHRAIN – 24 May 2017 – Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 24/05/17) that it is introducing a new Sharia-compliant corporate credit card with Mastercard.
The new Ithmaar Bank Mastercard Corporate Credit Card is tailored to meet the specific requirements of corporate customers, as well as business owners and Small and Medium-sized Enterprises (SMEs) customers. Its development and subsequent introduction is a result of the Bank’s commitment to listening to, and delivering on, customer expectations.
The corporate credit card was unveiled during a launch event at the InterContinental Regency Hotel, during which Ithmaar Bank and Mastercard representatives outlined the extended features and benefits of the card to customers.
“Ithmaar Bank is determined to become the region’s premier Islamic retail bank,” said Ithmaar Bank Chief Executive Officer Ahmed Abdul Rahim. “To do so, we continue to invest heavily in developing our products and services while also working to be closer to our customers – and this launch is another major step in that direction,” said Abdul Rahim.
“The introduction of the new corporate credit card solution, in cooperation with Mastercard, aims to meet the specific demands of our customers and addresses a pressing need identified by our corporate and SME customers,” said Abdul Rahim. “The corporate card allows for a one-stop payment solution which, ultimately, creates what could be the most convenient business payment solution for businesses,” he said.
“We are pleased to have worked with our partners at Mastercard to introduce this business payment solution, and we are delighted to now make it available to our customers,” said Abdul Rahim. “I am confident that the new card will go a long way towards making payments easier and more convenient for corporate customers,” he said.
“This launch reflects our commitment to creating tailored payment solutions that address the evolving needs of corporate cardholders,” said Mastercard Area Business Head, Northern Gulf, Pankaj Kathuria. “In addition to offering enhanced payment security and a host of exclusive benefits, the card will provide corporate customers with greater control over their payments and the flexibility to determine how, when and where their cards will be used. We are proud to team up with Ithmaar Bank to introduce this innovative payment solution that will further accelerate the displacement of cash in the Kingdom of Bahrain,” he said.
The new Ithmaar Bank card offers credit limits tailored to each specific customer, as well as other key features. An additional layer of security, for example, is embedded in the new corporate credit card with the Mastercard SecureCode authentication feature that protects the card against fraud.

Corporate liability waiver is enabled as well, and protects the company against unauthorised use of the card by its employees. Ithmaar Bank corporate credit card customers are also eligible for 20 percent discounts on daily business shipments with DHL shipping.