ITHMAAR BANK COMMITTED TO WORKING CLOSELY WITH BAHRAIN AND KUWAIT AUTHORITIES

25 Jun 2015
MANAMA, BAHRAIN – 24 June 2015 – Ithmaar Bank B.S.C. (stock code “ITHMR”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain (CBB) and listed on the Bahrain Bourse and the Kuwait Stock Exchange.
In compliance with CBB requirements, Ithmaar Bank publishes its financial results in line with international accountings standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
In May, Ithmaar Bank received notification from the Kuwait Stock Exchange requiring the Bank to publish its financial results in line with the International Financial Reporting Standard (IFRS).
Ithmaar Bank responded with a letter explaining that publishing two sets of financial results using different international accounting standards will create confusion among investors. Ithmaar Bank wrote to the Kuwait Stock Exchange requesting a meeting to review possible alternatives. Ithmaar Bank has not yet received a response, and remains firmly committed to working closely with the regulators and stock exchanges in both Bahrain and Kuwait.