19 Jan 2014

MANAMA, BAHRAIN – Ithmaar Bank Chairman, His Royal Highness Prince Amr Al Faisal, announced today (ed note: 180114) the appointment of Ahmed Abdul Rahim as the Ithmaar Bank Chief Executive Officer. Abdul Rahim has been the Ithmaar Bank Acting Chief Executive Officer since September 2013.

The announcement follows the approval of both the Ithmaar Bank Board of Directors as well as the Central Bank of Bahrain of the formal appointment.

“I am pleased to name Ahmed the Ithmaar CEO,” said HRH Prince Amr. “He has, in many ways and over many years, played an instrumental role in developing the Ithmaar Bank success story, and I am confident that, in his new role, he will lead the Bank to even greater success,” he said.

“Ahmed has held several key positions at Ithmaar Bank, both before and after its reorganisation in 2010 including with its then wholly-owned subsidiary, Shamil Bank,” said HRH Prince Amr. “In each role, despite challenging local, regional and international conditions, he has demonstrated exceptional commitment and delivered well beyond expectations,” he said.

“The Board of Directors and I are confident that Ahmed will play a key role in leading Ithmaar Bank towards becoming the region’s premier Islamic retail bank,” said HRH Prince Amr. “His successful banking career, his intimate understanding of Ithmaar Bank and, in particular, his experience and expertise in retail banking, make him the ideal candidate for leading Ithmaar Bank’s executive management through the next phase of growth,” he said.

HRH Prince Amr congratulated Abdul Rahim on behalf of the Board of Directors on the appointment and wished him continued success. Abdul Rahim, who has been with Ithmaar Bank since 2006, thanked HRH the Chairman and the members of the Board for their continued confidence.

“I am grateful to HRH the Chairman and the members of the Ithmaar Bank Board of Directors for their support,” said Abdul Rahim. “I am confident that, with the guidance of the Board of Directors as well as that of the Sharia Supervisory Board, we will continue to work towards realising our shared vision of becoming the region’s premier Islamic retail bank,” he said.

“I have had the privilege of working as part of the Ithmaar Bank executive management team over the past seven years,” said Abdul Rahim. “I am certain that, together, we will be able to realise the aspirations of the Bank’s shareholders and other stakeholders while continuing to deliver an ever improving banking experience for our customers. In particular, I am confident that we will continuously work together towards becoming the Islamic retail bank of choice,” he said.

Abdul Rahim is a seasoned banker with a thirty-five year banking career. In his role as the Ithmaar Bank General Manager, Retail Banking, he led a dramatic growth in the Bank’s core retail banking business with a more than 130 percent surge in new customer relationships following Ithmaar Bank’s 2010 reorganisation.

Prior to Ithmaar’s reorganisation with its then wholly-owned subsidiary, Shamil Bank, and its subsequent transformation into an Islamic retail bank, Abdul Rahim held the dual roles of Ithmaar Bank Chief Operating Officer and Shamil Bank Deputy Chief Executive Officer and has played a major role in ensuring the seamless reorganization of Ithmaar Bank and Shamil Bank into Ithmaar Bank in April 2010. Prior to his Ithmaar Bank appointment, he held senior positions, including Manager FX and Funding, Chief Internal Auditor and, later, Assistant General Manager, Corporate Services at the National Bank of Bahrain (NBB). He holds an MBA from the University of Glamorgan, Wales (UK), and is an Associate Financial Accountant from the Institute of Financial Accountants, London (UK). He also holds an Executive Management Diploma from the University of Bahrain and an Advanced Banking Diploma from the Bahrain Institute of Banking and Finance.

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