Ithmaar Bank complies with the High Level Controls Module of the rule book issued by the Central Bank of Bahrain and the Corporate Governance Code of the Kingdom of Bahrain.
The Bank’s Corporate Governance Policy provides guidance on engaging with our stakeholder groups. It is based on the Central Bank of Bahrain’s Rule books on High Level Controls and Public Disclosures, the Bank’s Articles and Memorandum of Association, the Bahrain Commercial Companies Law, Islamic Financial Services Board recommendations, AAOIFI standards and international standards. It also includes principles regarding the Bank’s responsibility towards the environment.
The Bank aspires to be a model corporate citizen and adheres to Sharia principles in striking a balance between the interest of its various stakeholders. Recognising its fundamental stewardship role towards its shareholders,it is the Bank’s policy to treat its shareholders, major and minor, equally and fairly in line with the governing laws and regulatory guidelines. The overarching goal of the Bank is to ensure sustainable growth with due consideration to both current and future risks, and thereby generate optimum value to shareholders over the long-term.
The Bank respects a business approach that is transparent, honest and fair. It has established various written policies such as Code of Ethics,Anti-Money Laundering and Whistle-Blowing Policy for strict adherence by Directors, executives and employees at all levels. These are distributed as guidelines through multiple internal communication channels of the Bank. The Bank aspires to be a model corporate citizen. The Bank adheres to Sharia principles in striking a balance between the interests of its various stakeholders. The Bank is committed to upholding the highest standards of corporate governance, which it regards as a key factor in ensuring fairness for all stakeholders and achieving organisational efficiency.
The Board’s adherence to corporate governance practices is underlined by various principles, such as integrity, transparency, independence, accountability, responsibility, fairness, Sharia principles and social responsibility.
Moreover, the Bank’s corporate governance policies are designed to lay a solid foundation for management and the Board of Directors in managing the Bank , promote ethical and responsible decision-making, safe guard integrity in financial reporting, make timely disclosures, respect the rights of shareholders, recognise and manage risk , encourage enhanced performance, remunerate fairly and responsibly and recognise the legitimate interest of stakeholders. The Bank’s written Code of Conduct and Business Ethics that binds all employees, members of the Sharia Supervisory Board and Directors, lends further weight to the practical implementation of our stated policies.