Bahrain-based Ithmaar Bank, a leading publicly quoted investment bank, announced today that it has signed two major education sponsorship initiatives. These initiatives have been jointly undertaken with the Royal Charity Association and Ahlia University in Bahrain, as part of the “Ithmaar Education & Training Fund” for top performing needy young students.
The signing ceremony took place at Ithmaar Bank’s headquarters in Seef District and was attended by Ithmaar Bank’s Chairman Khalid Abdulla-Janahi, Shaikh Adnan Al-Qattan, Chairman of the Board of Trustees of the Royal Charity Association and Dr. Abdulla Al- Hawaj, President of Ahlia University, and Ahmed A. Rahim, MD – Ithmaar Group Support Services.
The first agreement signed today was between Ithmaar Bank and the Royal Charity Association, which entails that Ithmaar Bank will sponsor every year a total of six orphan students, three boys and three girls, to attend six different top private schools in Bahrain. Ithmaar Bank will sponsor the students starting from the 2nd grade until they complete high-school education (12th grade).
In order to qualify, students have to demonstrate the highest scholastic standards on the first grade and have to be registered with the Royal Charity Association.
"As part of our Education & Training Fund, it gives us great pleasure to sign this agreement with the Royal Charity Association. Ithmaar Bank places strong emphasis on the development of young talents through education and training. Within this context, the Bank has taken all the necessary steps in order to provide full sponsorship to orphans and other needy children who cannot afford private education, and give them the best education available, and would like thank on behalf of the Board of Directors to our Shareholders who approved the appropriations to the Education and Training Fund”, Mr. Janahi remarked.
“It gives us great pleasure to see the private sector involved in this humanitarian initiative”, commented Shaikh Adnan Al-Qattan, Chairman of the Board of Trustees of the Royal Charity Association. “We take this opportunity to thank Ithmaar Bank for their support to the Royal Charity Association and hope other banks and financial institutions will take the same step for the benefit of needy orphan students”, he added.
The second agreement was signed between Ithmaar Bank and Ahlia University, and will provide undergraduate degree sponsorships for a total of 10 orphan students every year, starting from September 2007. To qualify for this program, students must achieve the highest grade point average (GPA) during the secondary school, and be registered as orphan students with the Royal Charity Association.
"We continue to seek ways to contribute to the community; after all, the human factor is the most important asset for us. Providing higher education, especially to talented students, is an advantage and we are committed to giving them a chance for further education. Ithmaar Education and Training Fund is the first of its kind in Bahrain and one of its main objectives is to provide high level post graduate education to promising young students across the region”, Mr. Janahi said.
Dr. Abdullah Hawaj, President of Ahlia University said: “Our partnership with Ithmaar Bank was done naturally and without giving the issue second thoughts. Ahlia University welcomes this and other initiatives which contribute to our main goal of providing the best education to young talented Bahrainis”.
In conclusion, Mr. Janahi said: “We are thankful to Ahlia University and the Royal Charity Association for their support and sharing the responsibility in these two humanitarian projects. We feel we have a responsibility to leverage on the investment expertise we have at Ithmaar to grow Ithmaar Education and Training Fund and ultimately benefit the Arab community as a whole".
About Ithmaar Bank
Ithmaar Bank B.S.C. is an investment bank licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange.
Ithmaar Bank, which has a paid-up capital of US$360 million, is a full service investment bank, with operations 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 companies include Shamil Bank, Solidarity (an Islamic insurance company headquartered in Bahrain); Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan) and Ithmaar Development Company.
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
