28 Aug 2013

MANAMA, BAHRAIN – 28 August 2013 – Ithmaar Bank Chief Executive Officer and Member of the Board, Mohammed Bucheerei, will retire on 31 August 2013 and Ithmaar Bank General Manager, Ahmed Abdul Rahim, appointed as Acting Chief Executive Officer effective 1 September 2013.

Ithmaar Bank Chairman, His Royal Highness Prince Amr Al Faisal, who made the announcement earlier today (ed note: 28/08/2013), paid tribute to Bucheerei’s achievements over a more than forty-three year career, and congratulated Ahmed on his latest appointment.

“Mohammed will conclude his long banking career when he retires at the end of August,” said HRH Prince Amr. “During his long, illustrious banking career, Mohammed made major contributions, most recently as the Ithmaar Chief Executive Officer. We are deeply grateful for his contributions and wish him all the best,” he said.

“Mohammed’s success at the helm of Ithmaar Bank is the crowning achievement of his international banking career,” said HRH Prince Amr. “His success is a direct result of his absolute commitment and exceptional work ethics – and, on behalf of the Board of Directors, I wish him all the very best with his well-earned retirement plans,” he said.

“Ithmaar Bank’s growing success as an Islamic Retail Bank is, in many ways, a result of Mohammed’s leadership,” said HRH Prince Amr. “Mohammed’s success throughout his award-winning career and, in particular, at Ithmaar Bank, is a result of his vast experience in accounting, marketing, commercial and offshore Banking, coupled with his unfaltering dedication,” he said.

Bucheerei, who was also Chief Operating Officer of Dar Al-Maal Al-Islami Trust, Ithmaar Bank’s largest shareholder, has played a key role within the group over the past twenty-two years and contributed directly, and in very significant ways, to the group’s success.

Bucheerei thanked HRH Prince Amr for his support and guidance, and congratulated Abdul Rahim wishing him continued success.

“Leading Ithmaar’s successful transformation from a conventional investment bank into an Islamic retail bank was both extremely challenging and very rewarding, particularly as our achievements have been recognized and well received and we are now reaping the rewards,” said Bucheerei. “This success is due, in a large part, to the support and guidance of its Board of Directors led by the Chairman, HRH Prince Amr, and I am deeply grateful for the confidence entrusted. It has been, in many ways, the highlight of my career,” he said.

“Although I am, obviously, saddened to leave the Bank, I am comforted by the fact that, under Ahmed’s exceptional leadership, Ithmaar will continue to greater success,” he said. “Meanwhile, I look forward to spending time with my family after a more than forty-year banking career,” he said.

“Ahmed’s appointment as Acting Chief Executive Officer is in line with the Bank’s commitment to becoming the region’s premier Islamic retail bank,” said HRH Prince Amr. “Ahmed is a seasoned banker with an impressive thirty-five year banking career. In his most recent 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 100 percent surge in new customer relationships following our April 2010 reorganisation,” he said.

“Ahmed’s established retail banking track record uniquely positions him to lead Ithmaar into the next phase of growth as we continue to work towards becoming the region’s premier Islamic retail bank,” said HRH Prince Amr. “I am confident that he will play a key role in leading the Bank to greater success,” he said.

Abdul Rahim, who has held several senior positions at Ithmaar since 2006, thanked HRH the Chairman and the Board for their confidence and the opportunity to contribute to the Bank’s growing success.

“Mohammed, who was named Islamic Banker of the Year – 2012, has led Ithmaar’s development as an Islamic retail bank,” said Abdul Rahim. “I am privileged to be invited to lead the Bank to further achievements and I am confident that, under the direction of HRH the Chairman, the Board of Directors and 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.

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 has 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 in Financial Accounting 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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