Ithmaar Holding and its wholly-owned subsidiary, Ithmaar Bank, report first quarter profits

MANAMA, BAHRAIN – 14 May 2018 – Ithmaar Holding B.S.C., a Bahrain-based financial institution, and its wholly-owned subsidiary, Ithmaar Bank B.S.C. (closed), a Bahrain-based Islamic retail bank, each announced their financial results for the first quarter of 2018 with both reporting profits for the period.

The announcement by the Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, who is also the Ithmaar Bank Chairman, follows the review and approval of both Board of Directors of the consolidated financial results for the three-month period ended 31 March 2018.

The Ithmaar Holding reported a net profit of US$4.81 million for the three-month period ended 31 March 2018, a decrease of 16.9 percent compared to a net profit of US$5.79 million for the same period in 2017. Net profit attributable to equity holders for the three-month period ended 31 March 2018 was US$1.66 million, an increase of 187.8 percent compared to the US$0.58 million net profit reported for the same period in 2017. Earning per share (EPS) increased to US cents 0.06 compared to 0.02 for the three-month period ended 31 March 2017.

“On behalf of the Ithmaar Holding Board of Directors, I am pleased to announce that the financial results show that the unwavering focus on our core retail banking business continues to pay off,” said HRH Prince Amr. “Our total income for the three-month period ended 31 March 2018 increased to US$112.42 million, a 5.6 percent increase from the USS106.49 million reported for the same period last year, mainly due to income from investments. Consequently, our operating income for the three-month period ended 31 March 2018 increased to US$72.16 million, a 5.6 percent increase from the US$68.34 million reported for the same period last year ,” he said.

Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim, who is also the Ithmaar Bank Chief Executive Officer, said the results of both the company and the Bank were encouraging and reconfirm that efforts to turn the Group around are paying off.

“Ithmaar Holding’s total assets stood at US$8.29 billion as at 31 March 2018, compared to US$8.61 billion as at 31 December 2017, and remaining stable compared to US$8.30 billion as at 31 March 2017,” said Abdul Rahim. “Total owners’ equity stood at US$233.48 million as at 31 March 2018, a 34 percent reduction compared to US$355.33 million as 31 December 2017, mainly due to early adoption of the new Financial Accounting Standard (FAS) “Impairment, credit losses and onerous commitments” that was issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI),” he said.

“I am pleased, also, to report that Ithmaar Bank’s financial results show a net profit of BD2.03 million for the three-month period ended 31 March 2018, compared to a net profit of BD3.08  million for the same period in 2017. Net profit attributable to equity holders for the three-month period ended 31 March 2018 was BD0.832 million, compared to the BD1.14 million net profit reported for the same period in 2017,” said Abdul Rahim. “Although core income continued to grow during the period, operating income was lower by 9.5 percent mainly because 2017 capital gains by the Bank’s subsidiary in Pakistan, Faysal Bank Limited, during the previous period,” he said.

“Ithmaar Bank’s total assets stood at BD3.11 billion as at 31 March 2018, compared to BD3.24 billion as at 31 December 2017 and are stable compared to BD3.11 billion as at 31 March 2017,” said Abdul Rahim. “Meanwhile, despite market conditions, the equity of unrestricted investment account holders stood at BD1.063 billion as at 31 March 2018, increasing 6.4 percent compared to BD0.999 billion as at 31 March 2017 but are stable compared to BD1.064 as at 31 December 2017. Total owners’ equity stood at BD101.2 million as at 31 March 2018, a 34.6 percent reduction compared to BD154.6 million as 31 December 2017, mainly due to the FAS 30 impact of previous period recognized in equity,” he said.

Ithmaar Holding hosts annual shareholder meeting

MANAMA, BAHRAIN – 26 March 2018 – Ithmaar Holding B.S.C. (formerly Ithmaar Bank BSC) [“Ithmaar”] [“the Group”] hosted today (ed note: 26/03/18) its Annual General Meeting (AGM) and the consolidated financial statements for 2017 were approved.
The meeting was chaired by Ithmaar Chairman, His Royal Highness Prince Amr Al Faisal, and attended by members of the Ithmaar Board of Directors, its executive management team and its Sharia Supervisory Board, as well as representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry, Commerce and Tourism, the Bahrain Bourse, and statutory auditors PricewaterhouseCoopers.
Speaking to shareholders, HRH Prince Amr said Ithmaar Holding’s 2017 achievements are paving the way for the Group’s continued transformation, and set the stage for a return to sustainable profitability.
“We are pleased to announce that, with the new group structure fully implemented at the start of 2017, Ithmaar Holding’s efforts during the year were directed at taking important steps towards significantly transforming operations in line with the strategic decisions taken by shareholders in 2016,” said HRH Prince Amr. “One important initiative was the successful listing of Ithmaar Holding shares on the Dubai Financial Market on 29 January 2018. This additional listing, which added a new key market alongside our listing on the Bahrain Bourse and Boursa Kuwait, opens trading on Ithmaar Holding’s shares to new, exciting markets. This, in turn, creates new investment opportunities for investors in the GCC markets. Ithmaar Holding is traded, on all three stock exchanges, under the ticker ITHMR,” he said.
“Ithmaar Holding’s two wholly-owned subsidiaries, Ithmaar Bank and IB Capital, and their various subsidiaries, associates and other investments, also took important steps throughout 2017 to support the Group’s transformation,” said HRH Prince Amr. “Ithmaar Bank, for example, embarked on multiple strategic initiatives designed to bring about transformational change to the Bank. The initiatives, some of which are in the process of implementation, include upgrading the core banking system and enhancing the e-Banking offering to make the Bank more customer centric as it embarks on its next growth phase, as well as introducing a new consolidation, budgeting and planning solution. A new application has been implemented to facilitate compliance with the new FAS 30 accounting and regulatory requirements,” he said.
Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim, said the Group is taking important steps in the right direction, including a greater focus on its core retail banking business. This has been evident in the positive results achieved by Ithmaar Bank during 2017.
“In 2017, Ithmaar Bank’s efforts to become closer to its customers earned the Bank local, regional and international awards as recognition both for its success as an Islamic retail bank
and, perhaps more importantly, for its role in, and support for, the community,” said Abdul Rahim. “Meanwhile, Ithmaar Bank’s flagship subsidiary, Faysal Bank Limited, already one of the most prominent retail banks in Pakistan, continued its remarkable growth in 2017, adding 50 new branches throughout the year to bring the total number to more than 400 branches,” he said.
HRH Prince Amr and Abdul Rahim both stressed that the Group’s 2017 achievements would not have been possible without the continued support of shareholders and the guidance of regulators.
“We take this opportunity to thank the Board and all our shareholders, as well as the CBB, the Ministry of Industry, Commerce and Tourism, the Bahrain Bourse, Boursa Kuwait and the Dubai Financial Market,” they said.
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Ithmaar Holding reports 2017 financial results

MANAMA, BAHRAIN – 26 February 2018 – Ithmaar Holding B.S.C. (formerly Ithmaar Bank BSC) [“Ithmaar”] [“the Group”] reported today (ed note: 26/02/18) a net loss of US$72.40 million for the year ended 31 December 2017, compared to a net profit of US$13.80 million reported for 2016. Net loss attributable to equity holders for the year ended 31 December 2017 was US$84.71 million, compared to a net profit US$3.28 million reported for 2016.

The 2017 financial results included a net loss of US$56.15 million for the three-month period ended 31 December 2017, compared to a net loss of US$2.93 million for the same period in 2016. Net loss attributable to equity holders for the three-month period ended 31 December 2017 was US$57.67 million, compared to the US$3.23 million net loss reported for the same period in 2016.

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 year ended 31 December 2017.

“On behalf of the Board of Directors, I am pleased to announce that Ithmaar’s financial results show that the continued focus on our core retail banking business is paying off, even if the overall results are not immediately obvious as these have been impacted by non-core business,” said HRH Prince Amr. “Although our total income, at US$392.46 million for the year ended 31 December 2017, decreased by five percent from the total income of US$413.17 million reported for the year ended December 31 December 2016, mainly due to unrealized foreign exchange losses as well as assets being classified as Held For Sale, our income from core retail banking business grew by 72.3 percent, with the Group’s share of income from unrestricted investment accounts as a Mudarib, increasing to US$76.86 million for the year ended 31 December 2017, compared to US$44.60 million for 2016,” he said.

“During the year ended 31 December 2017, Ithmaar Group initiated an active programme to sell specific investments. Accordingly, these investments were consequently presented as assets classified as Held For Sale in the consolidated statement of financial position,” said HRH Prince Amr.

“I take this opportunity to express our sincere thanks and appreciation to our shareholders for their confidence, to the Central Bank of Bahrain for their continuous guidance and support, and to the Ministry of Industry, Commerce and Tourism, Bahrain Bourse, Boursa Kuwait and Dubai Financial Market for their continuous support,” said HRH Prince Amr.

Ithmaar Chief Executive Officer, Ahmed Abdul Rahim, said the results demonstrate that the unwavering focus on core retail banking business is delivering tangible results.

“I am pleased to report that the balance sheet, for example, is stable and continues to grow,” said Abdul Rahim. “Total assets stood at US$8.61 billion as at 31 December 2017, a 3.2 percent increase compared to US$8.34 billion as at 31 December 2016,” he said.

“Murabaha and other financings also increased to US$4.29 billion as at 31 December 2017, a 9.2 percent increase compared to US$3.93 billion as at 31 December 2016,” said Abdul Rahim. “The equity of unrestricted investment accountholders, at US$2.83 billion as at 31 December 2017, also increased by 2.1 percent compared to US$2.77 billion as at 31 December 2016, which reflects customers’ confidence in Ithmaar,” he said.

“On 29 January 2018, Ithmaar was listed on the Dubai Financial Market (DFM), adding a new key market alongside our current listing on the Bahrain Bourse and Boursa Kuwait,” said Abdul Rahim. “The additional listing opens trading on Ithmaar Holding’s shares to new, exciting markets. This, in turn, will create new investment opportunities for investors in the GCC markets,” he said.

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Ithmaar in process of completing Dubai listing

MANAMA, BAHRAIN – 25 December 2017 –Ithmaar Holding B.S.C. (Ithmaar) received on Thursday (ed note: 14/12/17) approval from the United Arab Emirate’s Securities and Commodities Authority (SCA) to list on the Dubai Financial Market (DFM).

Ithmaar, which is licensed and regulated by the Central Bank of Bahrain (CBB) and is currently listed on the Bahrain Bourse and Boursa Kuwait, said the SCA’s approval marks an important milestone in its plans to list on additional stock exchange in the region. The plan, which was presented by an Ithmaar shareholder as an additional agenda item at the Annual General Meeting (AGM) in March 2017, was approved by the shareholders who welcomed the initiative. The listing requirements are subject to completion of remaining requirements of the DFM and subject to CBB’s final approval.

“We are pleased to note the SCA’s approval on plans to list at the DFM,” said Ithmaar Group Chief Executive Officer, Ahmed Abdul Rahim. “We are continuing to work closely with the CBB as well as the relevant authorities in the Kingdom of Bahrain, and we hope to have final approval to proceed with the additional listing as soon possible,” he said.

“The additional listing will open trading on Ithmaar’s shares to new, exciting markets,” said Abdul Rahim. “This, in turn, will create new investment opportunities for investors and Ithmaar shareholders in the GCC markets,” he said.

Ithmaar owns two wholly-owned subsidiaries: Ithmaar Bank, a Bahrain-based Islamic retail bank, and IB Capital, an investment subsidiary. Ithmaar Bank and IB Capital are both licensed and regulated by the CBB. Ithmaar Bank owns 66.6 percent of Faysal Bank Limited (FBL), a retail banking subsidiary in Pakistan that is listed on the Pakistan Stock Exchange and is mainly engaged in corporate, commercial, retail and consumer banking activities.

ITHMAAR HOLDING REPORTS THIRD QUARTER RESULTS

MANAMA, BAHRAIN – 13 November 2017 – Ithmaar Holding BSC (formerly Ithmaar Bank BSC) (Ithmaar) reported today (ed note: 13/11/17) a net loss of US$16.3 million for the nine-month period ended 30 September 2017, compared to a net profit of US$16.7 million for the same period last year.

Net loss attributable to equity holders for the nine-month period ended 30 September 2017 was US$27million, compared to a net profit of US$6.5 million reported for the same period last year. This included a net loss of US$14.7 million for the three-month period ended 30 September 2017, compared to a net profit of US$4.8 million for the same period last year. Net loss attributable to equity holders for the three-month period ended 30 September 2017 was US$17.8 million, compared to a net profit of US$2.1 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 nine-month period ended 30 September 2017.

“On behalf of the Board of Directors, I am pleased to announce that Ithmaar’s financial results for 2017 show that the core business continued to grow throughout the period,” said HRH Prince Amr. “Overall income from our core business grew significantly during the year, as evident from the higher share on income from unrestricted investment accounts as a Mudarib, which grew 49.8 percent to US$51.9 million for the nine-month period ended 30 September 2017, compared to US$34.7 million for the same period last year, as well as the increase in income from murabaha and other financing, which grew by 9.3 percent to US$108.4 million for the nine-month period ended 30 September 2017, compared to US$99.2 million for the same period last year,” he said.

“During the nine-month period ended 30 September 2017, Ithmaar Group initiated an active programme to locate a buyer for a specific asset within the Group. Accordingly, this asset was consequently presented as an asset classified as held for sale in the consolidated statement of financial position,” said HRH Prince Amr. “At 30 September 2017, this asset was classified as held for sale and the resultant impairment loss was recorded in the consolidated statement of income during the period,” he said.

“Although net income, before provision for impairment and overseas taxation, dropped to US$32.8 million for the nine-month period ended 30 September 2017, from US$51.1 million for the same period last year, this loss was mainly due to unrealized foreign exchange losses of US$17.2 million,” said HRH Prince Amr.

Ithmaar Chief Executive Officer, Ahmed Abdul Rahim, said the results reflect a clear, unwavering focus 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$8.6 billion as at 30 September 2017, a 3.5 percent increase compared to US$8.3 billion as at 31 December 2016, and a 9 percent increase compared to US$7.9 billion as at 30 September 2016,” he said.  “Murabaha and other financings also increased to US$3.6 billion as at 30 September 2017, a 4 percent increase compared to US$3.4 billion as at 31 December 2016, and a 9.7 percent increase compared to US$3.3 billion as at 30 September 2016,” said Abdul Rahim. “Sukuk and other investment securities mainly representing investment in government securities also increased to US$2.1 billion as at 30 September 2017, a 9.2 percent increase compared to US$1.9 billion as at 31 December 2016, and a 32 percent increase compared to US$1.6 billion as at 30 September 2016,” he said.

“Customer current accounts also increased to US$1.7 billion as at 30 September 2017, a 7.2 percent increase compared to US$1.6 billion as at 31 December 2016, and a 13.8 percent increase compared to US$1.5 billion as at 30 September 2016,” said Abdul Rahim. “The equity of unrestricted investment accountholders, at US$2.83 billion as at 30 September 2017, increased by 2.1 percent compared to US$2.77 billion as at 31 December 2016, and by 4.7 percent compared to US$2.7 billion as 30 September 2016,” he said.

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.
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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.
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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.
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