Ithmaar Bank recently announced the appointment of Mr. Ahmed A. Rahim as Managing Director, Ithmaar Group Support. Ithmaar Bank is a Bahrain-based investment bank with global reach, having subsidiaries and affiliates covering a broad spectrum of Islamic banking and finance products and services.
“I am very pleased to welcome Mr. Abdul Rahim aboard. His contribution to the team will undoubtedly strengthen the Bank’s position as one of the most innovative and fast-growing investment banks in the region,” remarked CEO Michael P. Lee.
“Mr. Abdul Rahim is a home-grown banking industry veteran, with a deep understanding of the nuances of the regional market and its culture. He will be responsible for overseeing the Group Support unit, comprising the IT & Operations, Administration, Financial Control, Human Resources and Corporate Communications department”.
Mr. Abdul Rahim’s new assignment as Managing Director for the support services of the group follows a successful stint as General Manager, Support Group for Shamil Bank of Bahrain since June 2006. He had previously worked 28 years for National Bank of Bahrain at various executive levels, including as Manager FX and Funding, Chief Internal Auditor and finally Assistant General Manager, Corporate Services.
A Bahraini national, Mr. Ahmed Abdul Rahim 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 University of Bahrain and an Advance Banking Diploma from the Bahrain Institute of Banking and Finance.
“Ithmaar Bank is a dynamic bank with diverse needs, which has grown tremendously over the last year, as reflected by its impressive year-end and first quarter 2007 results. In my new role, I look forward to providing the Bank with all of the backing it needs to meet its ambitious objectives for 2007 and the years to come” said Mr. Abdul Rahim.
About Ithmaar Bank
Ithmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange. It has a paid-up capital of US$360 million and total equity of US$964.5 million and is a full investment bank, with businesses covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main activities of the Bank include underwriting business (equity and other financings), private equity (structuring, participation and portfolio management), project financing, and advisory business (capital market, merger & acquisitions and project advisory).
Ithmaar Bank’s flagship subsidiaries and affiliates include Shamil Bank, Solidarity (an Islamic insurance company headquartered in Bahrain); Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan) and Ithmaar Development Company (operating in and from Bahrain).
The Bank’s shares are listed on the Bahrain Stock Exchange.
For more information on Ithmaar Bank, please visit the Bank’s website on www.ithmaarbank.com
