Subsidiaries and Associates

Key operating subsidiaries

Ithmaar Bank B.S.C. (c)

Ithmaar Bank is one of the largest Islamic banks in the Kingdom of Bahrain. The Bank, including its predecessors, has been in operation for more than 30 years.

The standalone (Bahrain Operations) total assets as of 31 December 2021 amounted to US$4.0 billion.


IB Capital B.S.C. (c)

IB Capital maintains a presence in regional and overseas markets through its investments in subsidiaries and associated companies.

The total standalone assets as of 31 December 2021 amounted to US$1.4 billion.


Key operating subsidiaries of Ithmaar Bank

Faysal Bank Limited (FBL)

FBL is one of the most prominent and fastest growing retail banks in Pakistan. FBL, including its predecessors, has been in operations for more than 30 years.

FBL shares are listed on the Pakistan Stock Exchange and the Bank operates 606 branches. FBL’s total assets and total shareholders’ equity as of 31 December 2021 amounted to PKR 855 billion (equivalent US$ 4.8 billion) and PKR 60 billion (equivalent US$ 341 million) respectively.

Dilmunia Development Fund I L.P.

Dilmunia Development Fund I L.P. (the Fund) is an exempted limited partnership formed and registered under the laws of the Cayman Islands. The General Partner in the Partnership is Ithmaar-Dilmunia General Partner Company Limited. The Fund was formed to acquire 650,000 square meters of land within the Health Island – Dilmunia Project in Bahrain to develop the infrastructure and to sell the Land in parcels.

The total assets and total shareholders’ equity as of 31 December 2021 amounted to US$197 million and US$167 million respectively.

Ithmaar Bank owns 92 percent of the Fund.

Key operating subsidiaries and associates of IB Capital

Ithmaar Development Company (IDC)

IDC was established in 2007 to develop and manage major development, real estate and other infrastructure projects. IDC’s flagship projects include Dilmunia, a 1.25 million square metre manmade island off the coast of Bahrain.

Naseej B.S.C. (c) (Naseej)

Naseej is the Middle East and North Africa (MENA) region’s first fully-integrated real estate and infrastructure development company, encompassing the entire value chain from concept to completion.

Naseej’s core activities comprise design and master planning; development and construction; building components; mortgage facilitation; and asset management. Naseej was established by prominent private and public sector investors to act as a pioneering catalyst for addressing the region’s affordable housing development needs.

Naseej’s strategy focuses on pursuing property development and investment opportunities in affordable housing and retail real estate sectors in the MENA region besides working on the Private Public Partnership Housing Project (PPPHP) in Bahrain. Apart from the PPPHP, Naseej is also involved in major residential projects in Bahrain like Yasmeenat Saar and Jumana.

CITIC International Asset Management Limited (CITICIAM)

CITICIAM is part of the CITIC Group, a major diversified financial and investment conglomerate wholly-owned by the State Council of the People’s Republic of China (CITIC group owns 46% in CIAM). CITICIAM’s principal activity is to invest in companies and projects in China and internationally. Established in 2002 to specialise in distressed asset management, the current portfolio of CITICIAM includes direct investments in real estate, high technology, health, retail and industrial projects.